WaMu, BNP Paribas, JPMorgan, Deutsche Bank in Court News
Ex- Washington Mutual Inc. (WAMUQ) Chief Executive Officer Kerry Killinger and two other former bank officials ended talks with the Federal Deposit Insurance Corp. on settling a lawsuit, a lawyer said.
Killinger, former Chief Operating Officer Stephen Rotella and David Schneider, the bank’s former home-loans president, asked a judge to dismiss the FDIC’s suit after the negotiations failed, according to Barry Ostrager, a lawyer for Rotella and Schneider.
“There are presently no settlement discussions and the defendants stand on their motions to dismiss,” Ostrager said yesterday in an e-mail, referring to all three defendants.
In 2008, regulators seized Seattle-based Washington Mutual Bank, once the nation’s biggest savings and loan, and sold it to New York-based JPMorgan Chase & Co. (JPM) for $1.9 billion.
The FDIC sued the Washington Mutual Inc. officials in March, claiming they took extreme risks with the bank unit’s home-loans portfolio, causing billions of dollars in losses. The FDIC accused the executives of disregarding the bank’s long-term safety and fixating on rewarding themselves. The men received more than $95 million in compensation from January 2005 to September 2008, the FDIC said.
The settlement negotiations were revealed in a June 16 court filing, when both sides said they were “diligently working” to resolve remaining disputes. Lawyers said in some instances the settlement terms required the approval of third parties.
“The FDIC is essentially suing my clients for making business decisions that were fully disclosed, monitored, approved and transparent to the FDIC,” Ostrager said in the e- mail. “There is no legal basis for seeking to retroactively impose financial liability upon bank executives for making business decisions of a type that were common and unobjectionable at the time.”
Barry Kaplan, a lawyer representing Killinger, confirmed that the settlement negotiations have “not succeeded at this point,” and declined to comment further.
David Barr, an FDIC spokesman, said the agency declined to comment.
The case is FDIC v. Killinger, 11-00459, U.S. District Court, Western District of Washington (Seattle).
Trials/AppealsGreek Bailout Was ‘Unavoidable,’ Schaeuble Tells Top Court
German Finance Minister Wolfgang Schaeuble told a German court that euro-area governments had no other option than to bail out Greece and set up a wider euro-rescue fund to stem contagion.
First Consumers National Bank - News
WASHINGTON () — Regulatory observers expect the Obama administration nominee's for the nation's national bank supervisor, Thomas Curry, will likely be approved even as some Republicans worry that he is an
Barry, IL -- (SBWIRE) -- 07/02/2011 -- The First National Bank of Barry asks consumers, “Do you Kasasa?” as it becomes the newest financial institution in Illinois to launch the country's most innovative financial products.
JOHANNESBURG – First National Bank is seriously evaluating whether lending at prime is still a viable option for Home Loans and may soon add a percent to the cost of its borrowing rate for most new customers seeking new home loans and to existing
The cases are Tradewaves Ltd. v Standard Chartered Bank S337/2011 and Jitendra Gopaldas Bhatia v Standard Chartered Bank S338/2011 in the Singapore High Court. JPMorgan Chase & Co. and consumers who sued the bank over claims of excessive overdraft fees
Chicago - The First National Bank of Barry asks consumers, “Do you Kasasa?” as it becomes the newest financial institution in Illinois to launch the country's most innovative financial products. Kasasa® is a new brand of free checking and savings
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