A five-year battle between the largest U.S. bank and one of its regulators escalated Tuesday when J.P. Morgan sued the Federal Deposit Insurance Corp. over the messy 2008 purchase of Washington Mutual‘s banking operations.
Since then, J.P. Morgan and the FDIC have squabbled over who must shoulder the burden for legal claims stemming from decisions Washington Mutual made before the deal. J.P. Morgan said the FDIC receivership that liquidated the failed thrift in 2008 should pay any claims. The FDIC has countered that J.P. Morgan is responsible.
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