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JPMorgan Chase sues FDIC for more than $1billion

from The Associated Press via Chicago Sun-Times

JPMorgan is suing the Federal Deposit Insurance Corp. to recover more than $1 billion tied to its purchase of Washington Mutual when that bank failed in 2008. In a federal court complaint, the New York bank said that the FDIC failed to honor obligations under the Washington Mutual agreement, and that has subjected JP Morgan to massive liability. JPMorgan said in a court filing on Dec. 17 that the FDIC then declined to acknowledge that claims against JPMorgan for Washington Mutual’s conduct should have been claims against the receivership. more

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