Washington Mutual Inc. (WAMUQ.PK) announced that it has reached a Global Settlement Agreement with J.P. Morgan Chase & Co. (JPM) and the Federal Deposit Insurance Corporation. The company stated that the significant terms of the settlement have been read into the record of the United States Bankruptcy Court for the District of Delaware, the court overseeing its chapter 11 bankruptcy case.
Washington Mutual said the company is confident that the agreement will provide substantial recoveries for its creditors and that it is consistent with the efforts over the last 18 months to maximize the value of its bankruptcy estate.
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