JPMorgan, Zurich Settle Over WaMu Loan Defects

Law360, New York (April 8, 2009, 12:00 AM EDT) -- As a successor to failed thrift Washington Mutual Bank, JPMorgan Chase Bank NA is finalizing a settlement agreement with Zurich American Insurance Co. in a dispute over coverage for losses stemming from improperly underwritten loans from lender CMS Mortgage Services.

On Monday, Judge Marcia Morales Howard issued an order in the U.S. District Court for the Middle District of Florida stating that the case will be administratively closed following JPMorgan's filing of a notice of its intended settlement.

Filed by Washington Mutual Bank in June 2008,...
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