HOUSTON, March 14 /PRNewswire/ -- Washington Mutual shareholders (Stock Symbols: WAMUQ, WAHUQ, WAMPQ, WAMKQ) and WamuTruth.com staff were shocked to discover on Friday that Brian Rosen, council for WMI, has agreed to a proposed "settlement" with JP Morgan and the FDIC of all outstanding litigation and claims without consultation or discussion with the Official Equity Committee of Washington Mutual. This unprecedented surrender involves giving away all of the company's rightful assets and claims for a pittance to the detriment of all equity stakeholders in the company. This proposed settlement was clearly done with no regard to the rights of the true owners of the company due to the inexcusable nature of how these negotiations were conducted. If this proposed settlement is approved by the board of directors, their actions should be considered illegitimate by Washington Mutual shareholders and the court as an annual meeting to elect the board has not been held, contrary to the company's bylaws for over two years.
In prepared remarks given to an audience in Houston, TX, WamuTruth Executive Member Sean Fitzgerald said, "Our organization is extremely outraged by the actions of WMI in its global surrender to JP Morgan and the FDIC. It is absolutely absurd that either party should receive Washington Mutual's rightful claims to the $5.6 Billion in tax refunds or $4 Billion in its deposit account. What is even more absurd is that the company is selling JPM 5.4 Million Class B Visa Shares for $50 Million when they are worth over $250 Million. The company, which was solvent through the date of its seizure, has a number of strong legal claims against both the FDIC and JP Morgan, and should pursue these claims in open court. Americans are tired of these backroom deals which benefit Wall Street instead of Main Street."
WamuTruth is publicizing this press release to provide a letter for Washington Mutual shareholders to send to the court to show that we are displeased with the actions of WMI and its board of directors. U.S. Supreme Court Justice Louis Brandeis once said that, "Sunlight is the best disinfectant." Please follow the link provided to print a copy of this letter to send into the court and show your support for the American judicial system and your hopes for justice.