JPMorgan Wants At Least $1B From FDIC For WaMu Payouts

Law360, Los Angeles (December 17, 2013, 10:37 PM EST) -- A JPMorgan Chase & Co. unit is asking for at least $1 billion from the Federal Deposit Insurance Corp. to cover it for a slew of payouts it was forced to make on behalf of failed Washington Mutual Inc. after it acquired the thrift in 2008, according to a suit filed Tuesday in D.C. federal court.

The FDIC has some $2.8 million in its receivership fund for WaMu, and that amount would cover the claims JPMorgan says the agency should indemnify, according to the complaint....
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