Former Washington Mutual Inc. (WAMUQ) 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 and are “diligently working to resolve their remaining disputes,” according to papers filed yesterday 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-basedJPMorgan Chase & Co. (JPM) for $1.9 billion. The FDIC sued the bank officials in March, claiming they took extreme risks with WaMu’s home-loans portfolio, causing billions of dollars in losses.
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