WMI Edges Closer To Ch. 11 Exit With $13M Deal

Law360, New York (April 4, 2011, 7:31 PM EDT) -- Washington Mutual Inc. on Thursday proposed to settle a consumer class action over the defunct bank’s mortgage fees for $13 million, as it approaches the confirmation hearing in Delaware for its Chapter 11 plan.

WMI urged Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware to approve the class action settlement and limit the bankruptcy claim to the $13 million established in the settlement fund for the plaintiffs.

While the U.S. District Court for the Eastern District of New York already...
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