Ex-WaMu execs, FDIC in settlement talks
Former Washington Mutual Inc. Chief Executive Officer Kerry Killinger and Chief Operating Officer Stephen Rotella are in lawsuit settlement talks with the Federal Deposit Insurance Corp., according to a court filing.
Lawyers for Killinger, Rotella and David Schneider, Washington Mutual's former home-loans president, exchanged term sheets with FDIC attorneys, according to papers filed Thursday in federal court in Seattle.
"In some instances, the settlement terms must have consent of certain third parties," lawyers for both sides said.
In September 2008, regulators seized WaMu, once the nation's biggest savings and loan, and sold it to New York-based JPMorgan Chase & Co. for $1.9 billion. The FDIC sued bank officials in March, claiming they took extreme risks with WaMu's home-loans portfolio, causing billions in losses.
Lawyers for both sides asked the court to extend until July 1 the deadline for the former executives to file their initial response to the complaint, which also names Killinger's and Rotella's wives as defendants. A final mediation session is scheduled for June 30, according to court papers.
Bank executives blamed Killinger during hearings before the U.S. Senate last year for ineffective management and lax lending standards. Killinger was CEO for 18 years before he was ousted on Sept. 8, 2008. He told senators last year that his company became the largest bank failure in U.S. history in part because it was excluded from a group of financial institutions favored by U.S. policy makers.
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 FDIC has authorized lawsuits against 238 bank officers and directors.
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