Judge Tosses American National Suit V. JPMorgan

Law360, New York (April 15, 2010, 6:47 PM EDT) -- A federal judge has dismissed American National Insurance Co.'s suit against JPMorgan Chase & Co. over losses the insurance company said it sustained after purchasing bonds from Washington Mutual Bank, which JPMorgan snapped up from the Federal Deposit Insurance Corp. after WaMu's catastrophic collapse in 2008.

Because the FDIC had successfully intervened as a defendant in the suit, and because the FDIC's role in the WaMu sale "is a necessary link in the chain of causation resulting in plaintiffs' injuries," the insurer was required to pursue...
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