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Welcome to the IndyMac Mortgage-Backed Securities Litigation Class Action Website

The following is a summary of information presented in more detail in the Notices which Class Members should have received in the mail, and which you can access by clicking on the "Notices" link to the left or the links below. Since this is just a summary, you should read the Notices for additional details.

Individual Defendant Settlement Notice

 Underwriter Defendant Settlement Notice

On December 18, 2012, the Court granted final approval to Lead Plaintiffs’ settlement with the Individual Defendants (the “Individual Defendant Settlement”) for $6 million in cash.  In an effort to avoid duplicative expenses to the Individual Defendant Settlement Class (defined below) at that time, Lead Plaintiffs delayed distributing payment of the Individual Defendant Net Settlement Fund that was generated by that settlement until additional funds generated from future settlements with other remaining defendants would be available for distribution. 

Lead Plaintiffs have now reached a proposed settlement of the Action with the Underwriter Defendants that will resolve all claims against the Underwriter Defendants in the Action (the “Underwriter Defendant Settlement”). Once the proposed Underwriter Defendant Settlement and Plan of Allocation are Final and approved by the Court, both the Individual Defendant Net Settlement Fund (less all taxes, Notice Administration Costs, and attorneys’ fees and reimbursement of Litigation Expenses awarded to Counsel) will be distributed to Individual Defendant Settlement Class Members; and the Underwriter Defendant Net Settlement Fund (less all taxes, Notice Administration Costs, and attorneys’ fees and reimbursement of Litigation Expenses awarded to Counsel) will be distributed to Underwriter Defendant Settlement Class Members in accordance with the Court-Approved Plan of Allocation later approved by the Court.

You may be a class member of the Individual Defendant Class and/or the Underwriter Defendant Settlement Class if you purchased or otherwise acquired beneficial interests in the Individual Defendant Settlement and/or Underwriter Defendant Settlement Certificates pursuant or traceable to the Individual Defendant Settlement Offerings and/or the Underwriter Defendant Offerings and were damaged thereby.

The offerings that comprise the Individual Defendant Settlement and the Underwriter Defendant Settlement overlap, but are not identical.  It is possible that a claimant could be a member of one or both classes. Lists of all applicable Certificates are attached as Table A to the Plan of Allocation. Table A-1 lists the Underwriter Defendant Settlement Certificates and Table A-2 list the Individual Defendant Settlement certificates.

Click here for a list of all applicable Certificates

Individual Defendant Settlement Class Members and/or Underwriter Defendant Settlement Class Members interested in participating in any distribution of the respective Settlements must complete the Proof of Claim and Release form by clicking the Proof of Claim and Release form, available by clicking the Proof of Claim and Release link on the left, or the link below.

Click here for a Proof of Claim and Release form

IMPORTANT DATES AND DEADLINES

Individual Defendant Settlement

Underwriter Defendant Settlement

File a Proof of Claim and Release form

Postmarked no later than January 28, 2015

File a Proof of Claim and Release form

Postmarked no later than January 28, 2015

File an Exclusion

Deadline has passed.

File an Exclusion

Received no later than January 13, 2015

File an Objection

Received no later than January 13, 2015

File an Objection

Received no later than January 13, 2015

Settlement Fairness Hearing

February 3, 2015 at 4:30 p.m.

United States District Court Southern District of New York

Settlement Fairness Hearing

February 3, 2015 at 4:30 p.m.

United States District Court Southern District of New York


Individual Defendant Settlement

Your rights may be affected if you purchased or otherwise acquired Individual Defendant Settlement Certificates pursuant or traceable to any of the Individual Defendant Settlement Offerings and were damaged thereby.

This current Individual Defendant Settlement Notice along with the 2012 Individual Defendant Settlement Notice relate to the settlement with the Individual Defendants that was approved by the Court on December 18, 2012. The Individual Defendant Settlement Notices are located on the “Notices” link on the left.

“Individual Defendant Settlement Class”: All persons or entities who purchased or otherwise acquired beneficial interests in the Individual Defendant Settlement Certificates pursuant or traceable to the Individual Defendant Settlement Offerings and were damaged thereby (the “Individual Defendant Settlement Class”).

Click here for the Individual Defendant Settlement Offerings

WHAT IS THIS CASE ABOUT

As set forth in the 2012 Individual Defendant Settlement Notice, Lead Plaintiffs, on behalf of the Individual Defendant Settlement Class, agreed to settle all Released Claims (as defined in the 2012 Individual Defendant Settlement Notice) against the Individual Defendants and other Released Parties (as defined in the 2012 Individual Defendant Settlement Notice) in exchange for a settlement payment of $6 million in cash and certain other terms.

THE SETTLEMENT HEARING

The Settlement Hearing will be held on February 3, 2015, at 4:30 p.m. before the Honorable Lewis A. Kaplan, at the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 21B, New York, NY 10007. At the Hearing the Court will determine if: (i) whether the proposed Plan of Allocation is fair and reasonable and should be approved by the Court; (ii) whether Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses incurred should be approved by the Court; (iii) to determine whether Lead Plaintiffs’ Request to Dismiss IndyMac MBS from the Action should be approved and (iv) to rule upon such other matters as the Court may deem appropriate.

EXCLUDE YOURSELF FROM THE INDIVIDUAL DEFENDANT SETTLEMENT CLASS

Individual Defendant Settlement Class Members have already had the opportunity to exclude themselves from the Individual Defendant Settlement Class.

OBJECT TO THE INDIVIDUAL DEFENDANT SETTLEMENT CLASS

If you have not filed an exclusion and you intend to comment or object to the, the Plan of Allocation, Counsel’s request for attorneys’ fees and reimbursement of Litigation Expenses, or Lead Plaintiffs' request to dismiss IndyMac MBS from the Action please refer to the Individual Settlement Class Notice at the link on the left for further details.  Your comments or objections must be received no later than January 13, 2015.


Underwriter Defendant Settlement

Your rights may be affected if you purchased or otherwise acquired interests in the securities that were issued by the following trusts and offered pursuant to public filings with the U.S. Securities and Exchange Commission (the “Certificates”):

If the proposed settlement of a class action lawsuit with the Underwriter Defendants is approved by the Court, the Underwriter Defendant Settlement will apply to:

 “Underwriter Defendant Settlement Class”:  All persons or entities who at any time purchased or otherwise acquired interests in the Certificates.

Click here for the Underwriter Defendant Settlement Offerings

 

WHAT IS THIS CASE ABOUT

On October 29, 2009, Lead Plaintiffs filed an Amended Consolidated Class Action Complaint asserting claims under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 for alleged misrepresentations and omissions in the offering documents for IndyMac-sponsored mortgage pass-through Certificates. 

Lead Plaintiffs and Lead Counsel believe that the claims asserted against the Underwriter Defendants have merit.  Lead Plaintiffs and Lead Counsel recognize, however, the expense and length of continued proceedings necessary to pursue their claims against the Underwriter Defendants through trial and appeals, as well as the challenges to establishing liability and damages.

The Underwriter Defendants believe that the claims asserted against them are meritless and have denied and continue to deny each and all of the claims alleged by Lead Plaintiffs in the Action. The Underwriter Defendants expressly have denied and continue to deny all charges of wrongdoing, fault, or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Action.

THE SETTLEMENT HEARING

The Settlement Hearing will be held on February 3, 2015, at 4:30 p.m. before the Honorable Lewis A. Kaplan, at the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 21B, New York, NY 10007. 

At the Hearing the Court will determine if: (i) whether the Underwriter Defendant Settlement on the terms and conditions provided for in the Amended Stipulation of Settlement between Lead Plaintiffs and the Underwriter Defendants is fair, reasonable and adequate; (ii) whether the proposed Plan of Allocation is fair and reasonable and should be approved by the Court; (iii) whether Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses incurred should be approved by the Court; (iv) to determine whether Lead Plaintiffs’ Request to Dismiss IndyMac MBS from the Action should be approved and (v) to rule upon such other matters as the Court may deem appropriate

EXCLUDE YOURSELF FROM THE UNDERWRITER DEFENDANT SETTLEMENT CLASS

Each member of the Underwriter Defendant Settlement Class will be bound by all determinations and judgments in this lawsuit, including those concerning the Underwriter Defendant Settlement, whether favorable or unfavorable, unless such person or entity mails, by first class mail (or its equivalent outside the U.S.), or otherwise delivers a written Request for Exclusion from the Class, addressed to:

IndyMac Mortgage-Backed Securities Litigation

c/o Rust Consulting, Inc.

P.O. Box 2844

Faribault, MN 55021-8598


The exclusion request must be received no later than January 13, 2015.  For further information to exclude yourself from the settlement, please refer to the Underwriter Settlement Class Notice at the link on the left.


OBJECT TO THE UNDERWRITER DEFENDANT SETTLEMENT CLASS

If you intend to object to the Underwriter Defendant Settlement, the Plan of Allocation, Counsel’s request for attorneys’ fees and reimbursement of Litigation Expenses, please refer to the Underwriter Settlement Class Notice at the link on the left for further details.  Your objections must be received no later than January 13, 2015.

Notice of Voluntary Dismissal of Defendant IndyMac MBS, Inc.: Please also be advised that Lead Plaintiffs intend to voluntarily dismiss Defendant IndyMac MBS, Inc. (“IndyMac MBS”), the sole remaining non-settling defendant, without prejudice from the Action. Lead Plaintiffs’ proposed dismissal of IndyMac MBS from the Action is not part of the Individual Defendant Settlement or the Underwriter Defendant Settlement. Based on information obtained through discovery, including receipt of a sworn declaration from IndyMac MBS attesting that IndyMac MBS is part of the FDIC’s receivership estate and has almost no assets, no revenue, no reasonable prospects of acquiring revenue and no available insurance, Lead Plaintiffs believe that any judgment entered against IndyMac MBS would be uncollectible. Accordingly, Lead Plaintiffs intend to voluntarily dismiss IndyMac MBS from the Action without prejudice.

____________________________________________________________________________________

For more information, please contact:

IndyMac Mortgage-Backed Securities Litigation

c/o Rust Consulting, Inc.

P.O. Box 2844

Faribault, MN 55021-8598

Email: info@IndyMacMBSclassaction.com

Phone: (877) 773-8195

Disclaimer

IMPORTANT: This site is not operated by IndyMac Bancorp, Inc.  This site is operated and administered by a claims administration firm that handles all aspects of claim processing.  Please direct any website errors or questions to the Claims Administrator, Rust Consulting, Inc.

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