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Strategies & Market Trends : BB's from the Gang at
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From: Patricia Meaney1/7/2010 8:58:13 PM
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WAMUQ should be interesting tomorrow:
US Judge Postpones WaMu-FDIC Dispute Regarding Assets

Last Update: 1/7/2010 5:19:25 PM


By Brent Kendall
Of DOW JONES NEWSWIRES


WASHINGTON (Dow Jones)--A federal trial judge in Washington on Thursday
indefinitely postponed her consideration of a Washington Mutual Inc. lawsuit that
seeks billions of dollars from the Federal Deposit Insurance Corp. stemming from
the government's seizure of the holding company's banking assets in 2008.

U.S. District Court Judge Rosemary Collyer said in a seven-page written order
that she wouldn't proceed with the case while similar litigation unfolds in a
federal bankruptcy court in Delaware that is further along in its deliberations.

Washington Mutual argued in its lawsuit that the FDIC wrongly seized and sold
certain banking assets to JPMorgan Chase & Co. (JPM), which paid $1.9 billion to
the government in September 2008 for WaMu's banking operations.

The holding company also argued that the FDIC sold WaMu's banking assets to
JPMorgan for less than they would have sold for in liquidation proceedings.

WaMu had asked Collyer to stay the litigation in her court. The company and its
creditors would prefer to have many issues in the case resolved in the Delaware
bankruptcy proceedings.

The FDIC had asked Collyer to proceed with her consideration of the case and to
dismiss most portions of WaMu's lawsuit.

Collyer denied those requests. She ordered the parties to report to her on the
status of the bankruptcy proceedings every 120 days.

WaMu's bank failure was the largest in U.S. history. The bank holding company
filed for bankruptcy protection the day after the FDIC seized its banking assets.

-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com

(END) Dow Jones Newswires

January 07, 2010 17:19 ET (22:19 GMT)
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