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FDIC to sue 3 former WAMU executives for $1 Billion

FDIC to sue 3 former WAMU executives for $1 Billion

FDIC to seek $1B from former WaMu execs

Puget Sound Business Journal – by Kirsten Grind
Date: Friday, February 18, 2011, 2:41pm PST – Last Modified: Friday, February 18, 2011, 5:15pm PST

The Federal Deposit Insurance Corp. plans to file a civil suit against at least three former Washington Mutual executives, including former chief executive Kerry Killinger, seeking to collect more than $1 billion in damages, according to people familiar with the pending suit.

Killinger, former president and chief operating officer Steve Rotella and David Schneider, former president of the failed bank’s home loan division, all recently received legal notices informing them of the pending litigation, these people say.

The three executives were the highest-level officials in charge of WaMu’s mortgage operations. It’s unclear when or where the FDIC will file its suit.

Continue reading…Puget Sound Business Journal

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