Washington Mutual WaMu Savings Plan ERISA Class Action Lawsuit Settlement

If you were a participant in or beneficiary of the WaMu Savings Plan (“Plan”) at any time between October 19, 2005 and September 26, 2008, both dates inclusive, and your individual Plan account included investment in Washington Mutual, Inc. (“Washington Mutual”) common stock during that period, your legal rights might be affected by a class action settlement.

A class action settlement has been reached in a class action lawsuit pending against Washington Mutual, Inc.,  JPMorgan Chase, NA (collectively “Washington Mutual” or “WaMu” or “J.P. Morgan” or “JPMorgan Chase”) and certain individuals (collectively “Defendants”) in the United States District Court for the Western District of Washington, Seattle Division (styled In Re Washington Mutual, Inc. Securities, Derivative and ERISA Litigation, Civil Action Case No. 2:08-md-01919-MJP), alleging, among other things, that Defendants (other than JPMorgan Chase Bank, N.A. (“Chase”)) were fiduciaries of the WaMu Savings Plan and violated fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by allowing the Plan to invest in Washington Mutual common stock when it was allegedly an unsuitable and imprudent investment for the WaMu Savings Plan, according to the Washington Mutual WaMu Savings Plan ERISA class action settlement notice.

The proposed Washington Mutual WaMu Savings Plan class action lawsuit settlement reportedly provides for the payment of $49 million in cash, which will be deposited into a Settlement Fund, the Net Settlement Amount (including interest, but after payment of certain amounts as described in the Settlement Agreement, including District Court-approved attorneys’ fees and Named Plaintiff service awards, taxes and other costs related to the administration of the Settlement Fund) which will be paid to members of the Settlement Class.

The Washington Mutual WaMu Savings Plan ERISA class action lawsuit settlement class reportedly consists of:

All persons who were participants in or beneficiaries of the Plan at any time between October 19, 2005 and September 26, 2008, both dates inclusive, and whose individual Plan accounts included investment in Washington Mutual common stock; provided, however, that Defendants and their heirs, Successors-in-Interest, or assigns, to the extent such persons acquire an interest held by Defendants, are excluded from the Settlement Class.

The deadline to object to the Washington Mutual WaMu Savings Plan class action settlement is reportedly October 22, 2010.

The Court is scheduled to hold a settlement Fairness Hearing at 3:30 p.m. on November 5, 2010, at the United States District Court for the Western District of Washington, 700 Stewart Street, Seattle, Washington 98101-9906.

For more information on the Washington Mutual WaMu Savings Plan ERISA class action lawsuit settlement and/or for updates on the WaMu class action settlement, visit the WaMu Savings Plan ERISA Settlement website or send an email to info@WaMu401kSettlement.com.

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