M. Perry’s Attorneys Press Release Re. Settlement with SEC

Final Judgment as to Defendant Michael W. Perry

Stipulation of Dismissal with Prejudice of Certain Claims Against Defendant Michael W. Perry

Consent of Defendant Michael W. Perry

Declaration of Michael W. Perry

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Key Excerpts from the Transcript of Judge Real’s September 10, 2012 Ruling:

“The SEC contends there was no OTS waiver, and even if there was, failing to disclose the waiver and that the bank had transitioned away from double risk-weighting subprime assets were material omissions.”

“First, there is no genuine issue of material fact that IndyMac received a waiver. Defendant provided evidence indicative of the waiver….”

“Second, failing to disclose the waiver and that the bank had transitioned away from double risk-weighting subprime assets were not material omissions.”

“The bank provided accurate charts that showed it was well capitalized under the operative capital ratio. A capitalized status under a hypothetical inapplicable capital ratio does not alter this information in any way.”

“Therefore, defendant’s motion for summary judgment as to the risk weighting claim is hereby granted.”

“Concerning the SEC’s 17 (a)(2) claims, Section 17(a)(2) states that it shall be unlawful for any person in the offer or sale of any securities to obtain money or property by means of any untrue statement of a material fact.”

“The SEC contends IndyMac obtained money through the offer or sale of securities through its use of the direct stock purchase plan.”

“However, those sales ended on May 9, 2008, prior to the May 12, 2008, securities filings, and IndyMac did not raise additional capital after that time.”

“The SEC has not alleged a separate basis for Mr. Perry himself having obtained money or property.”

“Therefore, defendant’s motion for partial summary judgment as to the Section 17(a)(2) claims is hereby granted.”

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