Almost three years to the day of seizing IndyMac Bank, the Federal Deposit Insurance Corp. (FDIC) launched a civil action against its former CEO, saying he "negligently" allowed the thrift to keep making risky loans despite signs of market stress.

The FDIC's lawsuit, filed midweek, asks a U.S. District Court judge in California to make Michael Perry pay at least $600 million to help cover losses from the receivership.

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