WaMu Ch. 11 Plan Sent Back For Changes

Law360, New York (January 7, 2011, 7:29 PM EST) -- A bankruptcy judge on Friday denied confirmation of Washington Mutual Inc.’s Chapter 11 reorganization plan, demanding changes to release provisions and other secondary aspects of the proposed resolution to the largest bank collapse in U.S. history.

In the 109-page opinion Judge Mary F. Walrath did, however, find that the global settlement central to the plan — among the debtors, the Federal Deposit Insurance Corp. and JPMorgan Chase & Co. — was fair and reasonable, as were the releases granted to those entities.

Judge Walrath found that...
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