Verizon Sues FDIC For $24M In WaMu Contract Losses

Law360, New York (April 15, 2010, 6:07 PM EDT) -- Verizon Business Services has launched a lawsuit against the Federal Deposit Insurance Corp. to recover almost $24.5 million it allegedly lost when a contract with Washington Mutual Inc. fell apart following the bank’s historic collapse.

Verizon filed a complaint Monday in the U.S. District Court for the District of Columbia, claiming the FDIC, as receiver for the failed bank, wrongly denied the company’s claim for compensatory damages.

Verizon says it spent millions of dollars to build facilities, hire employees, buy equipment, convert data and move WaMu...
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