Ex-WaMu Execs' Insurers To Pay FDIC $40M

Law360, Wilmington (January 19, 2012, 8:51 PM EST) -- Insurers for three former executives of failed bank Washington Mutual Inc. will pay nearly $40 million as part of a proposed settlement with the Federal Deposit Insurance Corp., according to documents filed in Delaware bankruptcy court Thursday.

Under the terms of the deal, ex-WMI CEO Kerry K. Killinger, Chief Operating Officer Stephen J. Rotella and Home Loans President David C. Schneider will also pay $275,000, $100,000 and $50,000 out of their own pockets, respectively, to the FDIC. The three will make additional cash payments as well, according...
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