WaMu files new bankruptcy plan

February 10, 2011

The judge ruled last month that a proposed legal settlement underlying WaMu's reorganization plan was fair and reasonable, but she denied confirmation of the plan until certain changes were made.

The company on Tuesday filed an amended plan that it believes satisfies the judge's concerns. A hearing on the new plan is set for March 21.

Like the earlier proposal, the new plan is based on a legal settlement involving WaMu, the Federal Deposit Insurance Corporation and JPMorgan Chase Bank concerning lawsuits filed after the FDIC seized the company's flagship bank in 2008 and sold it to JPMorgan.

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