JPMorgan settles with FDIC, Deutsche Bank in WaMu case
Reuters
Published Aug 19, 2016 05:46PM ET
JPMorgan settles with FDIC, Deutsche Bank in WaMu case
(Reuters) - JPMorgan Chase & Co (N:JPM) on Friday said it has settled litigation with the FDIC and Deutsche Bank AG (DE:DBKGn) stemming from its purchase of Washington Mutual Inc's banking operations during the financial crisis.
In a regulatory filing, JPMorgan said it will be paid $645 million in cash from the estate of Washington Mutual Bank, for which the FDIC acts as receiver, and release its claims against the estate.
JPMorgan also said Deutsche Bank, the trustee overseeing billions of dollars of Washington Mutual residential mortgage-backed securities, will have a claim against the estate.
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Written By: Reuters
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