Police, Firemen Pension Fund Sues IndyMac Trusts, But Recovery of MBS Investment Losses Uncertain
May 29, 2009
A Detroit pension fund is seeking certification in a class-action lawsuit against a finance subsidiary of IndyMac Bank and 61 IndyMac trusts for allegedly failing to disclose material information that later resulted in significant losses in the fund’s MBS investments. Brought by the Police and Fire Retirement System of the City of Detroit, the lawsuit arises from the sale of an...