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WMI v FDIC Complaint

WMI v FDIC Complaint

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Published by 83jjmack

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Published by: 83jjmack on Aug 25, 2011
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08/25/2011

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UNITEDSTATESDISTRICTCOURTFORTHEDISTRICTOFCOLUMBIAWASHINGTONMUTUAL,INC.,1301SecondAvenue·Seattle,Washington98101,andWMIINVESTMENTCORP.,1301SecondAvenueSeattle,Washington98101,Plaintiffs,
v.
FEDERALDEPOSITINSURANCECORPORATION,5517thStreet,NWWashington,DC20429,initscapacityasreceiverforWashingtonMutualBank,andinitscorporatecapacity,Defendant.
'WRY
TRIALDEMANDED.COMPLAINT
PlaintiffsWashingtonMutual,Inc.("WMI")andWMIInvestmentCorp.("WMIInvestment"andtogetherwithWMI,the"Plaintiffs"),bytheirundersignedcounselallegesasfollows:
PARTIES
1.WashingtonMutualBank,Henderson,Nevada("WMB")wasafederalsavingsbankcharteredpursuanttotheHomeOwners'LoanAct,12U.S.C.§§1461-70.2.DefendantFederalDepositInsuranceCorporation("FDIC")istheagencychargedbylawwith,amongotherduties,administeringtheFederalDepositInsuranceActandthefederalbankdepositinsurancesystem.TheFDICissuedinitscorporatecapacity("FDIC-
DCI:\272987\13\5%MZ13!.DOC\79831.0003
 
Corporate")andinitscapacityastheReceiverofWMB("FDIC-Receiver").ThisComplaintuses"FDIC"torefertoFDIC-ReceiverandFDIC-Corporatecollectively.3.WMIisaholdingcompanyincorporatedintheStateofWashingtonwithitsprincipalplaceofbusinessatDOlSecondAvenue,Seattle,Washington98101.PriortotheReceivershipDateandtheBankruptcyPetitionDate(bothasdefinedbelow),WMIwasasavingsandloanholdingcompanythatowned
WMS,
andindirectlyownedWMB'ssubsidiaries,includingWashingtonMutual
Bank
fsb("WMBfsb"andtogetherwithWMBandtheirrespectivebankingsubsidiaries,the"BankingSubsidiaries").4.WMIInvestmentisacorporationorganizedunderthelawsofDelaware,withitsprincipalplaceofbusinessat1301SecondAvenue,Seattle,Washington98101,andisawholly-ownedsubsidiaryofWMI.
JURISDICTION
ANDVENUE
5.
ThisactionarisesundertheConstitutionandlawsoftheUnitedStates,including,withoutlimitation,theFederalDepositInsuranceAct("FDIAct"),12U.S.C.§1811etseq.,asamended,theFifthAmendmenttotheUnitedStatesConstitution,andtheFederalTort
,
ClaimsAct,28U.S.C.§§1346(b),2671-80.'
This
Courthasjurisdictionoverthesubjectmatterofthisactionpursuantto12U.S.C.§§1819(b)(2)(A)and1821(d)(6),and28U.S.C.
§
1331.6.VenueisproperinthisCourtunder12U.S.C.§1821(d)(6)and28U.S.C.§1391(e).
DCI:1272987\13\S%MZJ3!
DOC\7983
1.0003
2
 
BACKGROUND
7.OnSeptember25,2008(the"ReceivershipDate"),theDirectoroftheOfficeofThriftSupervision("DTS"),byordernumber2008-36,appointedFDIC-ReceiverasreceiverforWMBandadvisedthatFDIC-ReceiverwasimmediatelytakingpossessionofWMB.8.Immediatelyafteritsappointmentasreceiver,FDIC-Receiver,togetherwithFDIC-Corporate,soldsubstantiallyalltheassetsofWMB,includingthestockofWMBfsb,toJPMorganChaseBank,NationalAssociation(,'JPMorganChase")pursuanttothatcertainPurchaseandAssumptionAgreement,WholeBank,datedasofSeptember25,2008(the"PurchaseandAssumptionAgreement").9.OnSeptember26,2008(the"BankruptcyPetitionDate"),thePlaintiffseachcommencedavoluntarycase(the"WMIBankruptcyProceeding")pursuanttochapter11oftitle11oftheUnitedStatesCode(the"BankruptcyCode")intheUnitedStatesBankruptcyCourtfortheDistrictofDelaware(the"BankruptcyCourt").TheautomaticstayinthePlaintiffs'chapter11casesprohibitsanyentity,includingtheFDICandIPMorganChase,from,amongotherthings,takinganyactiontoobtainpossessionofpropertyofthePlaintiffs'estatesortoexercisecontroloversuchproperty.
THEPROOFOFCLAIM
10.Pursuanttosection11(d)oftheFDIAct,12U.S.C.§1821(d),FDIC-ReceiversetDecember30,2008,asthelastdaytofileclaimsagainsttheReceivership.Asdescribedindetailbelow,Plaintiffsassertedc1aiinsagainsttheReceivership(eacha"Claim")byfilingaproofofclaimonDecember30,2008(the"ProofofClaim").11.Plaintiffsreservedallrightstoamend
andlor
supplementtheProofofClaimatanytimeandinanyrespectandtoassertanyandallotherclaimsofwhateverkindor
DCI:1272987Il3IS%MZI3!.DOCI79831.0003
3

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