Washington Mutual Inc. said Monday it’s wrapping up a $47 million loose end from its $1 billion buy of Irvine-based Commercial Capital Bancorp Inc. in October.
Seattle-based Washington Mutual plans to pay Comerica Inc. $47 million to settle a lawsuit against Commercial Capital Bancorp.
Washington Mutual said it settled the suit as “a business matter” without admitting wrongdoing.
The settlement stems from Commercial Capital’s hiring of two dozen bankers from Comerica’s El Segundo office in 2005.
The bankers provided escrow, deposit and credit services to Comerica’s title insurance and escrow clients, among other things.
Last fall, Comerica won a court order that prevented its former employees from using, destroying or disclosing trade secrets. A trial was set for this spring.
