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Seattle Bubble Forum Archive • View topic - JP Morgan Sues WAMU

JP Morgan Sues WAMU

How will housing affect the US and world economy? How will the economy affect housing?

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JP Morgan Sues WAMU

Postby TJ_98370 » Wed Mar 25, 2009 6:45 am

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Wheeee! What fun!


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JPMorgan Chase & Co (JPM.N) has sued the Washington Mutual Inc (WAMUQ.PK) holding company and urged a federal bankruptcy court not to interfere with its September purchase of the thrift's banking operations.
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The lawsuit was filed Tuesday with the U.S. bankruptcy court in Delaware, three days after Washington Mutual sued the Federal Deposit Insurance Corp for well over $13 billion in connection with the purchase.
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Washington Mutual accused the regulator of agreeing to an unreasonably low $1.9 billion price in arranging the sale of its banking operations to JPMorgan last September 25.
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Regulators seized Washington Mutual that day and appointed the FDIC as receiver.
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JPMorgan said it sued to ensure that it does not lose any of its interests in Washington Mutual's banking operations, which it said it bought in good faith. It also wants to be reimbursed for various claims it might face over the purchase.........

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TJ_98370
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