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Creditors take aim at $20 mln paid to WaMu's ex-CEO

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Washington Mutual, Inc.
WAMUQ.PK
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JPMorgan Chase & Co.
JPM.N
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Sept 14 | Tue Sep 14, 2010 10:25am EDT

Sept 14 (Reuters) - Creditors of Washington Mutual Inc (WAMUQ.PK) were cleared to try to recover payments the company made just before its bankruptcy, including $20 million paid to its last CEO, court papers show.

Judge Mary Walrath on Monday approved a deal between WaMu and its official unsecured creditor's committee which allows the creditors to take avoidance actions against more than 200 individuals and entities.

These names include Alan Fishman, WaMu's last chief executive, who held the position for 17 days before the company went bankrupt.

Reuters could not reach Fishman to comment on the development.

Fishman, who replaced Kerry Killinger on Sept. 8, 2008, was paid $20 million, including severance.

The thrift was closed by federal regulators and its banking assets sold to JPMorgan Chase & Co (JPM.N).

The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)

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