Former executives of Washington Mutual Inc. agreed to settle a lawsuit for less than 10% of the $900 million originally sought by the Federal Deposit Insurance Corp. for their role in the biggest bank failure in U.S. history, according to a published report.
A large portion of the payout, which is expected to total less than $75 million, would come from insurers and the bank's estate, and not from the former executives, said the Wall Street Journal, citing unnamed people familiar with the situation.
