Wash. Mutual Sues FDIC For Billions Over Takeover

By Morgan Bettex

Law360, New York (March 23, 2009, 12:00 AM ET) -- Bankrupt Washington Mutual Inc. has reportedly sued the Federal Deposit Insurance Corp. to recover almost $14 billion in damages related to the government's $1.9 billion sale of its beleaguered banking operations to JPMorgan Chase & Co. in September.

In a complaint filed Friday in the U.S. District Court for the District of Columbia, WMI alleges that as the former parent company of Washington Mutual Bank, it is entitled to recover up to $6.5 billion in capital contributions it made to the thrift between December 2007 and...
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