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The announcement marked the latest deterioration of Mr. Okada’s relationship with Steve Wynn, founder of Wynn Resorts. Mr. Okada is the founder of Universal Entertainment Corp., which makes casino games and held an almost 20 percent stake in Wynn Resorts through its privately held subsidiary Aruze USA Inc.


WaMu bankruptcy plan approved by judge

WILMINGTON, Del. — After a long and contentious legal battle and more than three years in bankruptcy, Washington Mutual Inc. on Friday finally won court approval of a reorganization plan.

“It took 3 1/2 years, but I think the result is remarkable and well worth it,” said Judge Mary F. Walrath, who had twice rejected reorganization plans filed by Washington Mutual before giving her blessing to a revised plan Washington Mutual submitted in December.

As with its earlier proposals, Washington Mutual’s plan is based on WMI, JPMorgan Chase and the Federal Deposit Insurance Corp. settling lawsuits they filed against one another after the collapse of Seattle-based Washington Mutual Bank in 2008 and the sale of its assets to JPMorgan Chase & Co. for $1.9 billion. It was the largest bank failure in U.S. history.

The plan calls for some $7 billion to be distributed to creditors and includes significant recoveries for shareholders, who often are left with nothing in bankruptcy cases.

From wire dispatches and staff reports

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