Keep moving…nothing to read here….just more of the same
SEATTLEPI-
No charges will be filed against the leadership team of Washington Mutual Bank, which failed in 2008 amid a cloud of suspicion that improper lending had been occurring there.
Announcing the decision late Friday, a U.S. Attorney’s Office spokesperson said in a statement that a federal task force examining the WaMu failure did not find evidence of criminal violations.
“Investigators have conducted an extensive investigation that included hundreds of interviews and the review of millions of documents relating to the operations, and the subsequent failure, of Washington Mutual Bank,” the statement read. “Based upon its investigation, the Department of Justice has concluded that the evidence does not meet the exacting standards for criminal charges in connection with the bank’s failure.”
Former Washington Mutual Inc. (WAMUQ) Chief Executive Officer Kerry Killinger and Chief Operating Officer Stephen Rotella are in lawsuit settlement talks with the Federal Deposit Insurance Corp., according to a court filing.
Lawyers for Killinger, Rotella and David Schneider, Washington Mutual’s former home-loans president, exchanged term sheets with FDIC attorneys and are “diligently working to resolve their remaining disputes,” according to papers filed yesterday in federal court in Seattle.
“In some instances, the settlement terms must have consent of certain third parties,” lawyers for both sides said.
“The factual allegations are fiction. The legal conclusions are political theater. Trial in a courtroom that honors the rule of law — and not the will of Washington D.C. — will confirm Kerry Killinger’s management, diligence and commitment to Washington Mutual responsibly and consistently served the interests of its depositors, customers and shareholders.”
Killinger added: “Washington Mutual’s management structure was a model of corporate governance.”
Recent Comments