FDIC, JPMorgan Pare Some WaMu Tax Liability Claims

Law360, New York (October 1, 2014, 5:21 PM EDT) -- JPMorgan Chase NA and the Federal Deposit Insurance Corp. told a D.C. federal court Tuesday that they will stop fighting about the FDIC's responsibility to cover some outstanding tax liabilities imposed against JPMorgan after buying Washington Mutual Inc. because some tax authorities dropped their claims.

The duo have been locked in litigation after JPMorgan asked the FDIC for at least $1 billion to cover a slew of payouts it was forced to make, but the agency and bank say they will no longer litigate the FDIC's responsibility to indemnify JPMorgan against tax liabilities asserted by authorities in Delaware, Michigan, Ohio and...

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