WaMu Shareholders Settle, Agree to $7 Billion Bankruptcy Exit Plan

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Three months ago a Delaware bankruptcy judge rejected WaMu's Chapter 11 reorganization plan, finding that WaMu's equity committee had a "colorable claim" that hedge fund noteholders had traded on inside information in the run-up to last year's $7 billion settlement between WaMu's estate, JPMorgan Chase, and the FDIC. That finding, according to equity committee counsel Edgar Sargent of Susman Godfrey, helped spur the committee to finally sign off on an amended reorganization plan Monday as part of a settlement with the bankrupt WaMu estate.

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