WaMu, JPMorgan Settle Dispute Over $4 Billion

Friday, 12 Mar 2010 03:36 PM

 

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Washington Mutual Inc. says it has resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company's Chapter 11 bankruptcy.

The government agency seized Washington Mutual's flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. But the two banking companies and the FDIC have traded lawsuits over roughly $4 billion in disputed deposit accounts.

A WaMu attorney told a judge Friday that JPMorgan has agreed to turn over the money to Washington Mutual after deducting $172 million in tax refunds that WaMu has already received.

In return, JPMorgan and the FDIC will get will get a major share of future tax refunds valued at about $5.6 billion.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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