Tags: US | Washington | Mutual | Bankruptcy

WaMu, JPMorgan Settle Dispute Over $4 Billion

Friday, 12 Mar 2010 03:36 PM

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 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved