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IndyMac Bank may have breached its fiduciary duties to current and former employees who bought IndMac stock in their IndyMac sponsored 401(K).
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Retirement Asset
- Investment Advisor Duties
Product or Service
- 401(K)
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending ERISA class action complaint against IndyMac Bank on behalf of a Class of all persons who were participants in or beneficiaries of the IndyMac Bank, F.S.B., 401(k) Plan between July 1, 2006 and the present and whose accounts included investments in IndyMac Bancorp, Inc. common stock.
The class action complaint alleges that during this time period, IndyMac breached their fiduciary duties by failing to:
(1) prudently and loyally manage the Plan's investment in IndyMac stock;
(2) properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate;
(3) disclose necessary information to co-fiduciaries;
(4) provide complete and accurate information to the class regarding the soundness of IndyMac stock and the prudence of investing and holding retirement contributions in IndyMac equity; and
(5) prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring.
The class action complaint alleges that during this time period, IndyMac breached their fiduciary duties by failing to:
(1) prudently and loyally manage the Plan's investment in IndyMac stock;
(2) properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate;
(3) disclose necessary information to co-fiduciaries;
(4) provide complete and accurate information to the class regarding the soundness of IndyMac stock and the prudence of investing and holding retirement contributions in IndyMac equity; and
(5) prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| IndyMac Bancorp Inc. | IndyMac Bancorp Inc. was a bank, primarily known for originating and underwriting nonconforming mortgage loans. The FDIC took over the bank in 2008. It is now known as OneWestBank. |