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WAMUQ News -- Source: Washington Mutual to get $6 million in settlement with JPMorgan, FDIC.

Friday, March 12, 2010 2:36 PM

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News for 'WAMUQ' - (Source: Washington Mutual to get $6 million in settlement with JPMorgan, FDIC)


SEATTLE, Mar 12, 2010 (The Seattle Times - McClatchy-Tribune News Service via
COMTEX) -- Washington Mutual Inc. will get more than $6 billion from a global
settlement with JPMorgan Chase and the Federal Deposit Insurance Corp. that was
outlined in bankruptcy court Friday, said a person familiar with the case.

The settlement would end protracted wrangling over $4 billion in cash deposits
that were held at Washington Mutual's banking units when they were seized by the
regulatory agency and turned over to JPMorgan in September 2008.

Washington Mutual's bankruptcy estate will receive the $4 billion in deposits,
as well as approximately $1.94 billion in tax refunds, and $284 million in other
assets, said the person close to the case.

Washington Mutual's creditors have filed claims of more than $8 billion in the
bankruptcy case.

Without giving particulars, Washington Mutual said in a statement it is
"confident that this agreement will provide substantial recoveries for the
company's creditors and that it is consistent with WMI's efforts over the last
18 months to maximize the value of its bankruptcy estate."

It gave no details, saying they have been filed with the bankruptcy court in
Delaware. Those documents are not yet available.

Mid-morning news of the settlement triggered a 72 percent plunge in the shares
of Washington Mutual Inc., which has been heavily traded in recent weeks on
speculation that stockholders of the bankrupt holding company might recoup
something.

The shares dropped 27 cents to 10 cents within a half-hour of the settlement
announcement, suggesting disappointment that WaMu won't get all the money. The
stock, which only trades in the over-the-counter market, went as high as 69
cents earlier this month.

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