Washington Mutual

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Washington Mutual clears Chapter 11 hurdle

Washington Mutual on Monday won court approval to move to the next stage in its renewed attempt to exit bankruptcy but was told to spell out what effect suspicions of insider trading could have on the $7 billion distribution plan.

Judge Mary Walrath said the company, the former parent of Washington Mutual Bank, or WaMu, can send out its revised plan to creditors for a vote after supplementing it with an analysis of what could happen if there is proof of insider trading. Get the full story »

FDIC sues ex-WaMu execs, wives over bank’s failure

A Washington Mutual branch at 2053 N. Clybourn that closed in 2008. (Candice C. Cusic/Chicago Tribune)

A U.S. government regulator sued Kerry Killinger and two other Washington Mutual Bank executives accused of pioneering reckless home loans that led to biggest bank failure in U.S. history.

The three “gambled billions of dollars of WaMu’s money” by rewarding employees and themselves for pushing risky, low-teaser rates loans while ignoring warnings about the housing bubble, the Federal Deposit Insurance Corp said in its lawsuit. Get the full story »

Examiner wants subpoena power in WaMu case

The independent examiner appointed to review claims and assets in Washington Mutual’s bankruptcy case is seeking subpoena power.

The examiner made the request Friday in filing his proposed work plan in Delaware bankruptcy court. A hearing on his plan will be held Tuesday. Get the full story »

FDIC gets unfettered ability to probe banks

Federal bank regulators have agreed to give the Federal Deposit Insurance Corp. unlimited authority to investigate banks, clarifying the agency’s power that was in question during the financial crisis.

The FDIC’s board on Monday approved the agreement between the insurance agency and regulators at the Federal Reserve and Treasury Department. It clearly spells out the FDIC’s authority to make special examinations of banks. It was approved 5-0. Get the full story »