U.S. Bankruptcy judge Mary F. Walrath appointed Joshua R. Hochberg to oversee WaMu’s bankruptcy case and filing back in July. Hochberg was appointed to investigate WaMu’s plan to settle lawsuits against JP Morgan Chase & Co and federal banking regulators. In 2008, WaMu was seized by JP Morgan Chase for $1.9 billion. She also asked that Hochberg key parts of the case confidential.
At this time, WaMu shareholders are opposing the settlement and believe the lawsuits related to the bank’s failure could bring in $30 billion, which would be more than an off to pay off all of the company’s debt with money left over for them. However, that figure is being disputed by all parties who claim that there will be nothing left for shareholders when the company finishes the liquidation process.