WaMu Top Lawyer Out

The bank run scene in Mary Poppins comes to mind as Washington Mutual's Chief Legal Officer, Fay Chapman, announced her retirement today. Her exit comes on the heels of the bank's announcement last Monday that more than 3,000 people would be losing their jobs. That same day, Hagens Berman Sobol Shapiro launched a class action lawsuit alleging that employees with money in the company 401(k) were misled about the health of company stock.

Chapman says she'll act in an advisory role as WaMu wades through it's increasingly sticky legal messes.

Investors don't like any of it. The stock plummeted last week from nearly $20 a share to just over $15 by closing bell Friday. It's down again today, currently trading at $14.92.

 
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