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The federal lawsuit, which was filed in 2005, accused the thrift "of assessing a variety of small, but allegedly improper fees in connection with mortgage loans, including charges for faxes, recording documents and payoff statements," according to Reuters. Of course, the 400 former shareholders of Washington Mutual that call themselves the The Washington Mutual Equity Group are probably just thrilled that the FDIC gets to manage all claims against the firm's former banking unit. The former shareholders support Washington Mutual's law suit against the FDIC. WaMu is seeking over $13 billion for the loss of its banking operations with a total of $40 billion in damages for allegedly denying claims against the firm's former banking unit, according to The WaMu Story. The suit also claims federal regulators should have instead conducted a "straight liquidation" instead of seizing the bank and selling it to J.P. Morgan Chase & Co. (NYSE:JPM) for $1.9 billion. In turn, J.P. Morgan, which is now dismantling WaMu branches and eliminating "free checking, free smiles," signs, sued the bankrupt holding company and is urging a U.S. bankruptcy court not to interfere with its FDIC-brokered $1.9 billion purchase of the thrift's banking operations, according to Reuters. So where are the FDIC's lawyers? It's about time the FDIC joined the band wagon and filed its own suit. Right? That would bring this conflict full circle. - Maria Woehr
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From: wldgrdnr,
Corrected Copy Thank you for at least acknowledging the various suits in the WMI bankruptcy and seizure case. I am curious as to where you got the amount $40 Billion claimed in WMI's lawsuit? Even their attys did not specify an amount in their filing. Please note the WAMU EQUITY "GROUP" is more than 400 members, and we are CURRENT shareholders in WMI, the parent company of WAMU, which was stripped not only of their bank but also of subsidiaries that were titled to WMI, and not WMB. We are also involved with other sites and financial chat groups. There are many of us out here, and I don't know of anyone who is happy about this blatant mismanagement on the part of government regulators. The approximate number of people organizing on the internet in the various sites, is probably closer to 2000 or more, and growing every day. I have talked to people who lost millions in this horrific mess. This is no joking matter. The Equity Group is simply a place people can register their shares, in the event we are able to motion the court for an equity committee. That day may be coming soon, pending the resolution of the various litigations. We fully expect Weil, Gotshal & Manges to prevail. Please feel free to visit one of our other websites, www.wamutruth.com , wherein the gross errors made by the FDIC, the OTS and the SEC are specifically addressed, with the official government documentation to substantiate our claims that this seizure and sale was not handled properly, caused shareholders, bondholders and the U.S. economy great and undue harm, and was indeed caused by improper action of the FDIC, OTS and SEC. We do not argue that WAMU had many oustanding "bad loans" and that shall be addressed through the current investigation. We welcome indictments of people who did illegal things. WMB cannot be held harmless for their part in this, although in truth, the things that brought WMB to its knees were happening throughout the banking sector. Regulations were not enforced, and regulators clearly did not act appropriately. We also welcome a full, open, Congressional Hearing into the actions of the FDIC, OTS and SEC as it relates to the demise of WMB, and the souring of the financial markets. The seizure of WAMU was the specific event that caused the stock market to plunge. The proof is in the graph on our website. It had nothing to do with Lehman Brothers as the government and the press would like the public to believe. The numbers do not lie. The market is still skittish about the competence of our government to properly handle emergencies, without causing undue harm to corporations, mutual funds, retirement funds, and individuals. Most portfolios were damaged approximately 50% in the bloodbath brought on by government's failure to plan and implement a good crisis plan. They caused the very thing they were created for. They were created to prevent panic, and instead they caused it.
I am sure a diligent writer such as yourself would always wish to have the correct and current information. Thank you JPresnall@wamuequity.org
Posted on:
April 10, 2009 4:54 AM
From: rosemarie rosse,
I want to know why the FDIC (Bailouts) were not given to Washington Mutual when it gave money to all the large banks.
Posted on:
April 25, 2009 10:52 AM
From: jarred,
What is going on with this ? Anybody have an update? R/s JKR
Posted on:
August 16, 2009 11:44 PM
From: D. Armstrong,
does anyboby know the time of day the fdic took over wamu and the proof to show it?
Posted on:
August 30, 2009 7:17 PM
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A federal judge on Monday halted a consumer class-action fraud lawsuit against Washington Mutual Inc., deferring all claims against the failed bank to the Federal Deposit Insurance Corp. 
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Thank you for at least acknowledging the various suits in the WMI bankruptcy and seizure case. I am curious as to where you got the amount $40 Billion claimed in WMI's lawsuit? Even their attys did not specify an amount in their filing.
Please note the WAMU EQUITY "GROUP" is more than 400 members, and we are CURRENT shareholders in WMI, the parent company of WAMU, who was stripped not only of the bank but also of subsidiaries that were titled to WMI.
We are also involved with other sites and financial chat groups. There are many of us out here, and I don't know of anyone who is happy about this blatant mismanagement on the part of government regulators.
The Equity Group is simply a place people can register their shares, in the event we are able to motion the court for an equity committee. That day may be coming soon, pending the resolution of the various litigations.
Please feel free to visit one of our other websites www.wamutruth.com wherein the gross errors made by the FDIC, the OTS and the SEC are specifically addressed, with the official government documentation to back up our claims that this seizure and sale was not handled properly, caused the U.S. economy great and undue harm, and was indeed caused by improper action of the FDIC, OTS and SEC.
We do not argue that WAMU had many oustanding "bad loans" and that shall be addressed through the current investigation. We welcome indictments of people who did illegal things.
We also welcome a full, open, Congressional Hearing into the actions of the FDIC, OTS and SEC as it relates to the demise of WMB, and the souring of the financial markets.
The seizure of WAMU was the specific event that caused the stock market to plunge. The proof is in the graph on our website. It had nothing to do with Lehman Brothers as the government and the press would like the public to believe. The numbers do not lie.
The market is still skittish about the competence of our government to properly handle emergencies, without causing undo harm to corporations, mutual funds, retirement funds, and individuals. Most portfolios were damaged approximately 50% in the bloodbath brought on my government incompetence.
Again we do appreciate you mentioning our organization. Feel free to email us prior to your news stories to get the most current information regarding membership, as your quote about is more than 100+ people "off".
The approximate number of people organizing on the internet in the various sites, is probably closer to 2000 or more, and growing every day.
Thank you
JPresnall@wamuequity.org