Washington Mutual Inc., former parent of the biggest U.S. bank to fail, missed the deadline for approval of its bankruptcy plan, making a related, $10 billion settlement subject to cancellation, a company lawyer said.
The missed deadline means the parties involved in the settlement, JPMorgan Chase and the Federal Deposit Insurance Corp., have the option to cancel the agreement, said Brian Rosen, a WaMu attorney.
The settlement, which splits billions of dollars worth of tax refunds and cash, is the central feature of WaMu's bankruptcy-exit plan, and JPMorgan and the FDIC are unlikely to pull out of the deal, Rosen said.Read the full story - Deadline passes for approval of WaMu deal
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