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WaMu Hit With Suit In People's Choice Bankruptcy

Law360 (November 29, 2007, 12:00 AM EST) -- People's Choice Home Loan Inc. sought to recover several monetary transfers it made to Washington Mutual Bank at the beginning of the year, which it said should rightfully be avoided under the Bankruptcy Code.

People's Choice filed an adversary suit Wednesday in the U.S. Bankruptcy Court for the Central District of California, which has jurisdiction over its Chapter 11 proceedings.

The bankrupt lender sought recovery for several allegedly avoidable transfers and charged WaMu, the federal lender, with breach of contract and conversion.

The dispute centers around...
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