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WAMUQ News -- Washington Mutual, Inc. Announces Global Settlement Agreement With J.P. Morgan Chase and FDIC.


Friday, March 12, 2010 12:44 PM

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News for 'WAMUQ' - (Washington Mutual, Inc. Announces Global Settlement Agreement With J.P. Morgan Chase and FDIC)


SEATTLE, March 12, 2010 /PRNewswire via COMTEX/ -- Washington Mutual, Inc.
(Pink Sheets: WAMUQ.PK) ("WMI") today announced that it has reached a Global
Settlement Agreement with J.P. Morgan Chase (NYSE: JPM) and the Federal Deposit
Insurance Corporation (FDIC). The significant terms of the settlement have been
read into the record of the United States Bankruptcy Court for the District of
Delaware, the court overseeing Washington Mutual, Inc.'s chapter 11 bankruptcy
case.

WMI today issued the following statement:

WMI is pleased to have reached this Global Settlement Agreement. WMI 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. WMI is also pleased
that this agreement vindicates the positions it took in court, as the company
believes that its court positions created the pressure necessary to move this
agreement forward.

Peter Calamari and David Elsberg of Quinn Emanuel Urquhart Oliver & Hedges, LLP
served as legal counsel to WMI with responsibility for the litigation. Brian
Rosen of Weil, Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the chapter 11 case.









Media Contact:

Andrew Siegel

Joele Frank, Wilkinson Brimmer Katcher

[phone]







SOURCE Washington Mutual, Inc.



www.prnewswire.com


Copyright (C) 2010 PR Newswire. All rights reserved

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KEYWORD: Washington

INDUSTRY KEYWORD: FIN

SUBJECT CODE: BCY

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Source: Comtext Market News