Washington Mutual (WMI) filed with the U.S. Bankruptcy Court a motion to approve a compromise, under Rule 9019, by and among Washington Mutual, JPMorgan Chase Bank and U.S. Bank National Association resolving an adversary proceeding and related proofs of claim. The motion explains, "As a result of entering into the Stipulation, WMI's estate will not avoid incurring any additional expenses of litigating the Union Bank Action and Union Bank Claims in court. Moreover, the Stipulation provides for, among other things, the monetization of the assets of the HFA Trusts and conversion of such assets into cash for the benefit of WMI's estate, ensuring that such funds are readily available for distribution to WMI's creditors." The Court scheduled an April 17, 2012 hearing to consider the motion.
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