WaMu Sues JPMorgan For Return Of $4B In Deposits

Law360, New York (April 28, 2009, 12:00 AM EDT) -- Bankrupt savings and loan Washington Mutual Inc. has fired back at JPMorgan Chase & Co. with its own lawsuit in a dispute over control of more than $4 billion in demand deposits currently being held by JPMorgan Chase.

In a lawsuit filed in the U.S. Bankruptcy Court for the District of Delaware Monday, Washington Mutual claimed that JPMorgan Chase has no ground for withholding the more than $4 billion in demand deposits, which are the cash reserves of the savings and loan. JPMorgan Chase had earlier...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.