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WaMu reaches settlement with shareholders and creditors

End to the bank’s bankruptcy proceedings may be in sight

Washington Mutual Inc. (WaMu) has been floundering in the waters of Chapter 11 bankruptcy ever since it went under in September 2008 (the largest bank in U.S. history to ever fail). But WaMu may have finally gotten hold of the proverbial life raft, Thomson Reuters reports, as it says it has reached a settlement in the dispute between its shareholders and creditors.

"The proposed settlement agreement represents a positive step toward completing the Chapter 11 process," WaMu said.

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