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Posted by / 08-Nov-2019 01:39

Wamu liquidating trust

Walton remanded to the FDIC to clarify why it rejected the payments and to reconsider payment of a retention bonus due to one employee. Such an implication runs counter to the plain language of the regulation that the FDIC promulgated and conveys the perception of arbitrary and capricious decision-making on its part,” Walton wrote.

Noting that the FDIC concluded that WMI failed to properly certify that the employees did not commit fraud, breach fiduciary duty, commit insider abuse or have a substantial role in the insolvency, Walton wrote: “This alone could have been a sufficient basis for denying the plaintiff’s payment application.” The FDIC also erred in identifying the certifications as an “independent basis” for wholesale denial of the payments. He remanded for the FDIC to clarify whether WMI’s improper certification alone was sufficient to reject the payments.

Federal regulations require WMI to seek approval for the payments from the FDIC.

When the FDIC denied WMI’s proposed settlements, it called the settlements golden parachute payments issued a blanket denial.

WMI Liquidating Trust, receiver for Washington Mutual, sued the FDIC last year in the District of Columbia for refusing to approve “golden parachute payments” to former officers and employees of the failed bank.For inquiries about the newly issued Washington Mutual shares, please contact 1-866-436-2125.For inquiries about the Wa Mu EHRO Pension, please contact JMPorgan Chase at 1-877-576-2427.For information about the data provided, please review the Disclaimer statement.Kurtzman Carson Consultants LLC ("KCC") does not guarantee or warrant that the data provided herein is accurate, complete, or current and shall not be liable to you for any loss or injury arising out of or caused in whole or in part by the acts, errors or omissions of KCC, whether negligent or otherwise, in procuring, compiling, gathering, formatting, interpreting, reporting, communicating or delivering the information contained in this website.

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Thus, the making of the settlement payments under the facts and circumstances in this case is consistent with the policy goals of the Golden Parachute Regulations and of the FDIC’s and FRB’s [Federal Reserve Bank] broader safety and soundness concerns.