Former IndyMac Bank chief executive Michael Perry has settled claims with the Federal Deposit Insurance Corp., although the amount owed to the FDIC is far less than what the agency first sought.

The $12 million deal includes $1 million paid directly by Perry, and as much as $11 million coming from insurers that back professional liability claims. In addition, Perry agreed to a lifetime ban from the industry.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.