Lawyers for the IndyMac executives say the FDIC is required by law to retain all the records of a failed bank it takes over for six years.

WSJ-

A pair of former IndyMac executives being sued by the Federal Deposit Insurance Corp. are accusing the bank regulator of a “stunning display of incompetence” for failing to preserve some evidence when it took over receivership of the failed bank.

Lawyers for onetime midlevel IndyMac executives Kenneth Shellem and Richard Koon say the FDIC failed to collect and preserve documents and emails after taking receivership of IndyMac following the bank’s 2008 collapse, leaving the pair handicapped in mounting their defense.

[WALL STREET JOURNAL]

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