Washington Mutual to settle shareholders' suit for $208.5 million

The Seattle Times
Published: Friday, Jul. 1, 2011 - 1:00 am

SEATTLE -- A $208.5 million settlement has been reached in the lawsuit brought by a group of Washington Mutual shareholders against the failed lender's former top executives, directors, underwriters and accountants.

According to papers made public Friday morning in federal district court in Seattle, the executives and directors - a group that includes former Chief Executive Kerry Killinger - will pay $105 million, the underwriters will pay $85 million, and accounting firm Deloitte & Touche will pay $18.5 million.

In return, all claims in the class-action case would be dismissed.

The deal still must be approved by federal Judge Marsha Pechman and the Washington Mutual shareholders in the class.

http://www.sacbee.com/2011/07/01/374169 ... lders.html