Thursday, Dec 08, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Business

Biggest U.S. bank failure settlement gets outlined

LOS ANGELES — Washington Mutual Inc. and its fellow defendants have agreed to pay $208.5 million to settle a class-action lawsuit stemming from the lender’s collapse in 2008, the biggest U.S. bank failure in history.

The defendants and the lead plaintiff, the Ontario Teachers’ Pension Plan Board, outlined the terms of the agreement in documents filed with U.S. District Court in Seattle on Thursday.

The pact calls for Washington Mutual to pay $105 million, for a group of underwriters that includes Goldman, Sachs & Co. to pay $85 million, and for Deloitte & Touche LLP to kick in another $18.5 million. In exchange, the plaintiffs have agreed to dismiss all claims against the lender and its co-defendants.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…