Washington Mutual, Inc. Announces Global Settlement Agreement With J.P. Morgan Chase and FDIC PR Newswire ”US Press Releases ”
SEATTLE , March 12 /PRNewswire-FirstCall/ – 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. ÂÂ
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 (212) 355-4449
SOURCE Washington Mutual, Inc.
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People are loosing sight that Wamu now has a lot less liabilities. They will also get a lot of cash. I think the net will be a viable company.