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Category Archives: California

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FDIC vs. Construction Lenders Jury Verdict: IndyMac Bankers Liable for $169 Million

Posted in California, Construction Finance and Insolvency, FDIC & Bank Failures, States

Jurors awarded this $169M verdict (PDF) against three former IndyMac Bank executives for originating dubious construction and development loans. It happened last Friday in Los Angeles at the US District Court for the Central District of California. $169M Verdict Against Former Indyac Bank Executives In their original complaint (PDF), the FDIC alleged: That the former… Continue Reading

Federal Stimulus Money Sparks Lawsuit: Associated General Contractors and Pacific Legal Foudantion Sue CalTrans Over Preference Quotas

Posted in California, Government Contracts, States

This past Thursday the San Diego Chapter of the Associated General Contractors (the “San Diego AGC”) sued the California Department of Transportation (“CalTrans”) claiming that racial and gender contracting quotas under CalTrans’s 2009 Disadvantaged Business Enterprise (the “DBE Program”) are illegal. Representing the the San Diego AGC, the Pacific Legal Foundation filed the Complaintstarting the lawsuit… Continue Reading