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SETTLEMENT AND RELEASE AGREEMENT SETTLEMENT AND RELEASE AGREEMENT

SETTLEMENT AND RELEASE AGREEMENT SETTLEMENT AND RELEASE AGREEMENT 2025

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The Settlement and Release Agreement, dated December 13, 2011, involves the Federal Deposit Insurance Corporation (FDIC) as Receiver for Washington Mutual Bank and several defendants including Kerry Killinger, Stephen Rotella, and David Schneider. The agreement resolves claims against the defendants related to their roles as directors and officers of the bank prior to its closure in 2008. The defendants agree to make cash payments totaling approximately $40 million to the FDIC, which will be funded through various insurance policies. In return, the FDIC releases all claims against the defendants related to their conduct as bank officials. The agreement aims to avoid further litigation and includes provisions for payment timelines, dispute resolution, and confidentiality.

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What is the main difference between a full release settlement and a no release settlement?

Important Components of Settlement Agreements Release of Claims: A release is an agreement that relinquishes a right or claim to the person against whom it could be asserted. Its effect is to extinguish the obligation or cause of action.

Is release the same as settlement agreement?

Sometimes referred to as release agreements or as settlement agreements, release and settlement agreements bring a legal dispute to an end outside of the courtroom. That legal dispute can be nearly anything, like an alleged: Breach of contract. Violation of a non-compete agreement.

What is another name for a settlement agreement?

A settlement agreement, also called a release, is a binding contract that settles a lawsuit or potential lawsuit between two or more parties and stipulates that no lawsuit can be filed in the future.

What does it mean when a claim is released?

A written contract (or provision in a contract) in which one or more parties agree to give up legal causes of action against the other party in exchange for adequate consideration (that is, something of value to which the party releasing the legal claims is not already entitled).

Is a release a settlement agreement?

When you accept a settlement offer in a personal injury case, you must sign a release before any funds will be disbursed. Importantly, a release brings the legal proceedings to an end and provides both parties with certainty of the outcome.