The Reuters news wire interviewed UW Law Professor Jonathan Lipson about the bankruptcy proceedings that followed the largest bank failure in history.
Washington Mutual shareholders are waiting for the results of an accounting of the bank's assets in September 2008, just before the bank filed for bankruptcy. They are hoping that the accounting reveals several billion dollars in assets, which would create value for their WaMu stock.
Bank regulators took over WaMu, and Professor Lipson says that is one of the problems for shareholders: If shareholders believe the bank was improperly seized, they might have to consider suing the federal government.
The full article is available here.
Submitted by UW Law School News on October 30, 2010
This article appears in the categories: In the Media