Examiner in Washington Mutual bankruptcy seeks subpoena power, submits work plan
By Randall Chase, APFriday, August 6, 2010
WaMu examiner submits work plan
DOVER, Del. — The independent examiner appointed to review claims and assets in Washington Mutual’s bankruptcy case is seeking subpoena power.
The examiner made the request Friday in filing his proposed work plan in Delaware bankruptcy court. A hearing on his plan will be held Tuesday.
The judge appointed the examiner after shareholders said they been stymied in their efforts to obtain information about a proposed settlement agreement between Washington Mutual, JPMorgan Chase and the Federal Deposit Insurance Corp. that is the basis for the bank holding company’s reorganization plan.
The FDIC’s seizure and sale of WaMu’s flagship bank to JPMorgan in 2008 resulted in several lawsuits.
The examiner told the court that his review of issues surrounding the settlement could cost more than $4 million.
