Beginning Next Week: InsideCounsel will become part of Corporate Counsel. Bringing these two industry-leading websites together will now give you comprehensive coverage of the full spectrum of issues affecting today's General Counsel at companies of all sizes. You will continue to receive expert analysis on key issues including corporate litigation, labor developments, tech initiatives and intellectual property, as well as Women, Influence & Power in Law (WIPL) professional development content. Plus we'll be serving all ALM legal publications from one interconnected platform, powered by, giving you easy access to additional relevant content from other InsideCounsel sister publications.

To prevent a disruption in service, you will be automatically redirected to the new site next week. Thank you for being a valued InsideCounsel reader!


More On

WaMu emerges from bankruptcy

Bank exits Chapter 11 shortly after Lehman Bros.

Just two weeks after Lehman Bros. officially emerged from Chapter 11, another major victim of the 2008 financial crisis also has exited bankruptcy protection.

Seattle-based Washington Mutual Inc. (WaMu), the largest U.S. bank to fail during the recession, emerged from Chapter 11 yesterday. It collapsed in September 2008 after it lost tens of billions of dollars due to risky mortgages and home equity loans. The bank, which fell just 10 days after Lehman went bankrupt, had proposed seven reorganization plans over nearly three and a half years of court battles.

Under the final reorganization plan, which U.S. Bankruptcy Judge Mary Walrath in Delaware approved on Feb. 23, WaMu will begin repaying about $7 billion to creditors, many of whom are hedge fund investors. The reorganized company will be called WMI Holdings Corp. and will include a mortgage reinsurance business, WMI Mortgage Reinsurance Co.

Read Thomson Reuters for more about WaMu’s bankruptcy exit.

Ashley Post

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.