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"If they prove out, the claims of insider trading could sway hundreds of millions of dollars in Washington Mutual's case, which promises creditors payment in full at the contract rate of interest and ranks some of the hedge fund holdings as debt, rather than equity."
i think smoke will be there
and the pref-Shares ?
If that is true, i will buy u a Ferrari ff, but i think that will Never happend
should be hopfully a bad day for DIMON
What real?
what a volume ... halt this Baby halt please
thank u elene
do you think that a SWAP will be a deal with WAMU
is a Share SWAP possible?
Washington Mutual executives and directors have reached a tentative multi-million dollar agreement to settle one of the largest shareholder lawsuits against the failed bank.
The reported $105 million settlement comes on the heels of another big lawsuit filed by the Federal Deposit Insurance Corp., in which it is seeking $900 million against former WaMu executives, which include CEO Kerry Killinger, president Steve Rotella and home loans divisions head David Schneider. Both lawsuits are vying for a $250 million directors and officers liability insurance policy that covers WaMu's executives and directors.
Already, $60 million has been drained to pay for the dozens of lawyers hired to aid the former WaMu executives and directors, according to people familiar with the matter.
The tentative settlement of $105 million reached two weeks ago also will be paid out of WaMu Inc.'s D&O insurance fund, which is now down to $190 million.
People familiar with the negotiations said executives were worried the entire insurance fund would be siphoned, which led them to settle.
Barry Kaplan, a lawyer for former WaMu CEO Kerry Killinger, declined to comment, but said the settlement must be approved by Judge Marsha Pechman and the federal bankruptcy court in Delaware where a Chapter 11 bankruptcy case for WaMu Inc. is ongoing. His comments suggest the approval of the settlement may take awhile.
The District Court of the Western District of Washington was notified Wednesday morning of the pending settlement of the class action suit that was filed by WaMu's common shareholders over the closed thrift's mortgage practices.
The court documents said: "The Court has been advised of a pending settlement in the lead securities class action portion of the MDL, No. C08-387 MJP. The Court VACATES the trial and pretrial dates, STAYS all discovery, and STRIKES all pending motions in the lead securities class action."
The class-action suit was filed in late 2007 by common shareholders of Seattle-based Washington Mutual. The complaint, whose lead plaintiff is a Canadian pension fund, named Killinger and other executives, blaming them for causing unfair losses. The complaint cited dozens of anonymous sources, who allegedly said management did not adequately disclose risky lending practices.
All the executives and directors filed motions to dismiss the suit early on.
According to another source with knowledge of the case, there were 90 anonymous witnesses deposed in interviews that led to the suit being filed. In later depositions, some of those witnesses recanted their statements, leading to questions about their credibility.
The trial was originally set to be in the spring of 2012, said a different person familiar with the matter. With the settlement, the suit will be dropped and there will be no trial.
The last major civil suit left against former WaMu executives after the class-action is settled is the suit recently filed by the FDIC against Killinger, former president Rotella, their wives and home loan division head Schneider. Schneider now works at JPMorgan Chase, which acquired WaMu after its 2008 closure.
Kirsten Grind contributed to the reporting of this story.
KELLY GILBLOM covers banking, finance and residential real estate for the Puget Sound Business Journal. Phone: 206-876-5428 | Email: kgilblom@bizjournals.com | Twitter: KellyGilblom
Read more: Settlement pending in WaMu class action | Puget Sound Business Journal
http://www.bizjournals.com/seattle/blog/2011/04/settlement-pending-in-wamu-class-action.html?ed=2011-04-06&s=article_du&ana=e_du_pub
you mean 8$
Where du have this Info, that farokh lam is bosten stocker
Thank you kymmer, go wamu go
are u sure? i cant stop laughing
wait and see how the play is played, sussmam will not take this case to loose
4 x 6 = 24
3 x 8 = 24
1 x 24 = 24
seriously i will be very happy with 3 $
right 3x8=24$
our EC will never let this happend mister LULU
the EC has representing all the classes of wamu
think about it
link please
where du u have this Information ?????? thx
what is going on! asset-list ??? BR ???
do it my friend, i am all in
come on real
nothing, + 0,006 - we need dollars no cents
i mean our SUSMAN
do u think mister 1000$/h will be today in the court
The letter was Written @ 08.19.2010. 8:42AM
do we have the AGENDA for Tomorrow
When ? This year?
can u please write something , i cant watch
I agree completly, but Sometimes the Law Is Not the Rule
Go Mary
~17 $. Magic Number
come on . what are u playing
2 times value ?????????!!!!!!!!!!!!!!!!
i will be very happy with 2 $
any news?