Ex-WaMu Execs Buy Time With FDIC Settlement Offers

Law360, New York (June 17, 2011, 2:30 PM EDT) -- Three top officers of bankrupt Washington Mutual Bank NA, accused by the Federal Deposit Insurance Corp. of wrecking the once-flourishing financial institution, bought more time for negotiations Thursday, telling a federal judge in Washington state that settlement offers have been exchanged.

The FDIC sued former WaMu CEO Kerry K. Killinger and his wife, Linda; former Chief Operating Officer Stephen J. Rotella and his wife, Esther; and former home loans president David C. Schneider in March claiming they took "historically unprecedented risks," while pocketing millions of dollars,...
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