FDIC Agrees on Settlement with WaMu

With a late Friday press release, the FDIC announced that it has approved a settlement of the bankruptcy case involving Washington Mutual, the holding company of Washington Mutual Bank that failed in September 2008.

This wasn't a concern for any former WaMu depositors since JPMorgan Chase assumed all deposits when WaMu failed. However, WaMu's shareholders, bondholders and unsecured creditors hope to recover some of their money. According to Bloomberg, shareholders won't do well under this settlement.