WaMu Loses Again on 1980s Defunct S&L Acquisitions

Washington Mutual Inc. lost another case in its ongoing effort to claim losses based on its predecessor’s acquisitions of failed savings and loan institutions.

WaMu failed to establish a reliable cost basis in intangible rights its predecessor, Home Savings of America FSB, acquired in savings and loans in Missouri in 1981, a federal appeals court ruled May 12 (Wash. Mut., Inc. v. United States, 2017 BL 159277, 9th Cir., No. 14-35289, 5/12/17).

Home Savings and other then-financially healthy institutions were offered a package of incentives from the Federal Savings and Loan Insurance Corp. to acquire failed ...