JPMorgan, FDIC Fight With WaMu Over Tax Breaks

Law360, New York (October 31, 2008, 12:00 AM EDT) -- JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. have challenged Washington Mutual Inc.'s claim to tax breaks worth billions of dollars due to losses the holding company incurred this year before filing for Chapter 11 bankruptcy protection in September.

In limited objections filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, the FDIC argued that the tax benefits belong to the entity that actually incurred the losses, and JPMorgan asked the court for assurance that the tax benefits to the bank...
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