A bankruptcy judge ruled on Wednesday that Washington Mutual Inc will not be subject to an investigation that shareholders said would determine potential legal claims relating to the failure of its bank.
The judge overseeing the company's bankruptcy, Mary Walrath, said the collapse of Washington Mutual Bank, the largest bank failure in U.S. history, had already been subjected to numerous investigations including recent congressional hearings.
She said the company did not need the added cost of a court-appointed independent examiner to start another investigation.
"The equity committee is able to fully conduct the investigation that the examiner is able to conduct," she said.
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