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Funds Defend Securities Suit In WaMu Bankruptcy

Law360 (December 1, 2010, 9:14 PM EST) -- In a preamble to Washington Mutual Inc.’s Chapter 11 plan confirmation hearing, a group of hedge funds on Wednesday defended their suit seeking to claw back $4 billion in securities that are to be transferred from WaMu to JP Morgan Chase & Co. as part of the reorganization plan.

The lawsuit, filed in July in the U.S. Bankruptcy Court for the District of Delaware, claimed that the funds' preferred securities belong to third-party investors — not to the Chapter 11 estate of WaMu — and that...
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