NEW YORK ( TheStreet) -- Shares of Washington Mutual (WAMUQ.PK) weathered a fourth-straight volatile session on Tuesday with dramatic swings in the stock fueled by expectations that a settlement between the bankrupt thrift and JPMorgan Chase ( JPM) could be reached by the end of the week.

After big gains on Monday took the stock to its highest levels since WaMu's failure, the Pink Sheets-listed shares opened nearly 30% higher at 70 cents, their peak for the day. By midday, however, they turned all the way around and sunk to a session-low of 34 cents, a swing of more than 50% from the high. They finished at 49 cents, down almost 12% for the day.

Volume of more than 141 million represented the most-active session for WaMu since Sept. 25 2008, when JPMorgan acquired the majority of the company's assets from the Federal Deposit Insurance Corp. For perspective, Tuesday's volume for WaMu was competitive with that of Bank of America ( BAC) (163 million) and well beyond trading in General Electric ( GE) (82 million)in the same session. Overall, the volume was nearly eight times the issue's trailing three-month daily average of 18 million.

Last week, an attorney for WaMu told the Delaware bankruptcy court that WaMu, JPMorgan and the FDIC were making progress in their negotiations. The next hearing in the case is now scheduled for Friday, suggesting that shareholders are likely find out this week whether they will recover anything from the bankruptcy.

Another hope for shareholders comes from a class action lawsuit, American National Insurance Co. vs. FDIC, which is still making its way through the courts.

-- Written by Dan Freed in New York.

More from Stocks

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

ABIOMED Stock Should Rise Some 10% From Here, Piper Jaffray Analyst Says

ABIOMED Stock Should Rise Some 10% From Here, Piper Jaffray Analyst Says

What Internet Sales Tax Ruling? Amazon Still Headed to $1,850

What Internet Sales Tax Ruling? Amazon Still Headed to $1,850

Starbucks Stock Performance in 2018: -12%

Starbucks Stock Performance in 2018: -12%

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s