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Former WaMu Execs To Settle FDIC Suit
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Former WaMu Execs To Settle FDIC Suit

Business

Former WaMu Execs To Settle FDIC Suit

Former WaMu Execs To Settle FDIC Suit
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A group of former executives at Washington Mutual has settled a civil lawsuit with the Federal Deposit Insurance Corporation, according to The Wall Street Journal. That move will help pull the bank out of bankruptcy which was file for in September 2008.

RENEE MONTAGNE, HOST:

NPR's business news begins with bank executives settling a civil suit.

(SOUNDBITE OF MUSIC)

MONTAGNE: When Washington Mutual filed for bankruptcy back in 2008, it became the biggest bank failure in U.S. history. Now, according The Wall Street Journal, three former top executives from Washington Mutual have settled the lawsuit brought by federal regulators who accuse them of reckless disregard for the long-term soundness of the bank. The executives denied wrongdoing, and the $75 million settlement is far less than regulators wanted. Still, it brings to a close the most high-profile attempt to bring cases against bank executives for alleged malfeasance.

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