Exhibit 1IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: Chapter 11 WASHINGTON MUTUAL, INC., et al., Case No. 08-12229 (MEW) Debtors. Jointly Administered ) ) ) ) ) OPINION" Before the Court is the Debtors’ Motion for an Order Pursuant to Bankruptcy Rule 2004 and Local Bankruptcy Rule 2004.1 Directing the Examination of JPMorgan Chase Bank, National Association (“JP "). For the reasons set forth below, the Court will grant the Debtors’ Motion. I. FACTUAL BACKGROUND Prior to the filing of a chapter 11 petition, Washington Mutual, Inc. (“WMI”) was a savings and loan holding company,” which owned Washington Mutual Bank (“WMB”). WMB owned the subsidiary bank Washington Mutual Bank fsb (“WMBfsb”). Before failing, WMB was the nation’s largest savings and loan association, with over 2,200 branches and $188.3 billion in deposits. ' This Opinion constitutes the findings of fact and conclusions of law of the Court pursuant to Rule 7052 of the Federal Rules of Bankruptcy Procedure, which is made applicable to contested matters by Rule 9014 of the Federal Rules of Bankruptcy Procedure. ?See 12 U.S.C. § 1467a.Beginning in mid-2007, the slowdown in the nation’s economy and, in particular, the deterioration in the residential housing market resulted in decreased revenue and earnings at WMI and trouble in the asset portfolio of WMB. By September 2008, in the midst of a global credit crisis of unprecedented proportions (which included the bankruptcy of Lehman Brothers Holdings Inc.*), WMI and WMB faced a wave of ratings downgrades by the major credit rating agencies. Deteriorating confidence in WMB fueled a bank run beginning September 15, with $16.7 billion in deposits withdrawn over a ten-day period. On September 25, 2008, WMB’s primary regulator,‘ the Office of Thrift Supervision (the “OTS"), closed WMB and appointed the Federal Deposit Insurance Corporation (the “FDIC") as receiver. WMB’s takeover by the FDIC was the largest bank failure in the nation’s history. Immediately after its appointment as receiver, the FDIC sold substantially all the assets of WMB to JPM. On September 26, the Debtors filed chapter 11 petitions. On December 30, 2008, the Debtors asserted various claims against the WMB receivership by filing proofs of claim with the FDIC in its capacity as receiver of WMB. Specifically, the see In re Lehman Brothers Holdings Inc., No. 08-13555 (Bankr. S.D.N.Y. filed Sept. 15, 2008). ‘MB was also subject to regulatory oversight by the Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System (the “Fed”), and the FDIC.