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December 21, 2012
WASHINGTON, DC, December 21, 2012 — Am Law Litigation Daily named Covington & Burling’s D. Jean Veta as “Litigator of the Week” for leading the defense of former IndyMac CEO Michael Perry, who was sued by both the SEC and the FDIC as a result of one of the largest bank failures in the nation’s history. Last week, Perry reached a $12 million settlement with the Federal Deposit Insurance Corp., which alleged that he negligently caused $600 million in losses by not reducing the bank's volume of mortgage loans. “Perry didn't have to admit any wrongdoing, and he'll only pay $1 million out of his own pocket,” Am Law Litigation Daily wrote in a profile of Ms. Veta published on December 20. The settlement gives the FDIC the right to seek $11 million from IndyMac’s insurance carriers. The article notes that the FDIC recently won a jury verdict of $169 million against three other former IndyMac officers. Am Law Litigation Daily observed that the settlement follows a string of litigation victories that Ms. Veta won on behalf of Mr. Perry against the SEC, which had accused Perry of seven counts of securities fraud. “Veta knocked out six of the SEC's claims on summary judgment earlier this year. With a trial nearing, Perry agreed to pay a $80,000 fine to exit the case,” the publication stated. Mr. Perry settled that claim without admitting or denying liability. The Covington team representing Mr. Perry also included Benjamin Razi, Dennis Auerbach, Jason Levine and Nishchay Maskay.