Chipping Away At WaMu's Rigid Exculpation Ruling

Law360, New York (November 21, 2014, 10:28 AM EST) -- The fall of Washington Mutual Bank, which at one time was the nation's largest savings and loan association, remains among the largest financial institution failures in the country's history. The bankruptcy proceedings commenced in connection with the bank's collapse sparked a number of important decisions. One such decision is often referred to as the seminal ruling on release and exculpation provisions, In re Washington Mutual Inc., 442 B.R. 314, 322 (Bankr. D. Del. 2011), which supports the proposition that only estate fiduciaries should be included in the exculpation provisions of a plan....

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