Seven years after Washington Mutual Inc. collapsed in the biggest U.S. bank failure, two of its former top executives are still looking for their “golden parachutes,” the Wall Street Journal reported today. Former Chief Operating Officer Stephen Rotella and David Schneider, former president of the home-loans unit, are among a group of about 70 former employees who say they are entitled to “golden parachute” payments, or compensation usually guaranteed to employees when a company is sold. The liquidating trust created in 2012 to chase down and distribute the company’s remaining assets is seeking a ruling in U.S. District Court in Washington, D.C., prohibiting such payments. The court may rule as soon as this week.
