LAWSUITS NEWS & LEGAL INFORMATION
Washington Mutual Bank Collapses
May File for BankruptcyWashington Mutual was closed by regulators Thursday, in what is being called the biggest collapse in US banking history. It also sold its banking assets to JP Morgan Chase & Co for $1.9 billion. Latest reports suggest that the now defunct bank may soon file for bankruptcy.
Washington Mutual, the leading savings and loan bank in the US, experienced a rapid loss of market value, with $16.7 billion in deposit outflows occurring between September 15 and 24 of this year, resulting in part from overexposure to the subprime mortgage market.
Trading Thursday morning saw the bank shares fall 90 percent, to 16 cents.
SEPT-26-08: WaMu may file for bankruptcy shortly: Merrill Lynch [REUTERS: WASHINGTON MUTUAL COLLAPSES]
Legal HelpIf you or a loved one has suffered damages as a result of this situation, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
Published on Sep-26-08
READ MORE Business Settlements and Legal News