US Settles WaMu Savings, Loan Claims For $50M

Law360, Wilmington (December 22, 2011, 6:12 PM EST) -- Washington Mutual Inc. asked a Delaware bankruptcy judge on Wednesday to approve a $50 million settlement with the federal government on claims related to the 1988 savings and loan crisis that the company inherited through a merger.

The government agreed to pay the sum to WMI to resolve a judgment handed down in 2006 by the Court of Federal Claims in favor of American Savings Bank FA, which WMI acquired in 1996, according to the motion. The lawsuit was one of 125 cases — known as...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Washington Mutual, Inc.


Case Number

1:08-bk-12229

Court

Delaware

Nature of Suit

Date Filed

September 26, 2008

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.