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Class of WaMu Employees Sues FDIC

SEATTLE (CN) - A class of more than 100 former Washington Mutual employees sued the Federal Deposit Insurance Corp. in Federal Court, each demanding a year and a half's salary. The class claims WaMu had guaranteed them 18 months pay if there was a change of control in the bank. The FDIC seized WaMu on Sept. 27, 2008 and sold it in "a secret auction" to Morgan Chase, but the FDIC refuses to acknowledge that as a change of control, the plaintiffs say.

Plaintiffs are represented by Don Wilner of Trout Lake, Wash.

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