JPMorgan Says FDIC Should Pay For $650M MBS Suit

Law360, New York (July 26, 2011, 12:59 PM EDT) -- JPMorgan Chase Bank NA filed a third-party complaint in Ohio on Monday, saying its agreement to buy assets from bankrupt Washington Mutual Inc. means the Federal Deposit Insurance Corp. must indemnify it in a suit over $650 million in mortgage-backed securities.

The New York-based financial giant, which bought Washington Mutual Bank banking assets in a 2008 deal with the U.S. Department of the Treasury's Office of Thrift Supervision, sued the government after removing Western and Southern Life Insurance Co.'s fraud and negligence complaint from an Ohio...
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