Six years after one of biggest bankruptcy filings in U.S. history, the case of Washington Mutual Inc. plods on.
On Tuesday, WMI Liquidating Trust filed a lawsuit against 16 former officers and directors of WaMu in King County Superior Court. WMI Liquidating Trust was formed in 2012 after a lengthy bankruptcy proceeding.
The suit alleges the 16 defendants “breached their fiduciary duties to Washington Mutual Inc. and committed corporate waste by squandering the company’s financial resources.”
The 16 executives named in the suit include Thomas W. Casey, former CEO Kerry Killinger, Stephen J. Rotella, Robert J. Williams, Jr., Alan H. Fishman, Stephen E. Frank, Charles M. Lillis, James H. Stever, Margaret Osmer McQuade, Michael K. Murphy, Orin C. Smith, Phillip D. Matthews, Regina T. Montoya, Stephen I. Chazen, Thomas C. Leppert, and William G. Reed, Jr.
“WMI Liquidating Trust is seeking damages, costs and reasonable attorneys’ fees, and other relief as the court deems just and proper, including prejudgment interest at the legal rate,” the company said in a statement.
Washington Mutual’s decline was chronicled in a series of articles in the Puget Sound Business Journal that became a finalist for a Pulitzer Prize.