JPMorgan Chase sues FDIC for more than $1 billion

0

JPMorgan is suing the Federal Deposit Insurance Corp. torecover more than $1 billion. It says the
FDIC failed to make good onthe promises it made to induce the bank to buy Washington Mutual when itfailed in
2008.The New York bank says in a federal lawsuit thatthe FDIC’s failure to honor obligations under the
Washington Mutualagreement has subjected JP Morgan to massive liability.The FDICbecame the receiver for
Washington Mutual, during the largest bankfailure in U.S. history. JP Morgan Chase & Co. says the
FDIC thendeclined to acknowledge that claims against JP Morgan for WashingtonMutual’s conduct should have
been claims against the receivership.The FDIC did not immediately return a call seeking comment from The
Associated Press early Wednesday.Copyright 2013 The Associated Press. All rightsreserved. This material may
not be published, broadcast, rewritten orredistributed.JPMorgan is suing the Federal Deposit Insurance Corp. torecover more
than $1 billion. It says the FDIC failed to make good onthe promises it made to induce the bank to buy
Washington Mutual when itfailed in 2008.The New York bank says in a federal lawsuit thatthe FDIC’s failure
to honor obligations under the Washington Mutualagreement has subjected JP Morgan to massive liability.The
FDICbecame the receiver for Washington Mutual, during the largest bankfailure in U.S. history. JP Morgan
Chase & Co. says the FDIC thendeclined to acknowledge that claims against JP Morgan for
WashingtonMutual’s conduct should have been claims against the receivership.The FDIC did not immediately
return a call seeking comment from The Associated Press early Wednesday.Copyright 2013 The Associated Press.
All rightsreserved. This material may not be published, broadcast, rewritten orredistributed.

No posts to display