JPMorgan wins round in long-running dispute

Boxing Gloves

JPMorgan won a round in a long-running dispute with the Federal Deposit Insurance, avoiding some the the liabilities tied to its 2008 takeover of Washington Mutual’s banking operations.

Bloomberg News reports that a federal judge ruled in a lawsuit over more than $6bn in securities backed by flawed WaMu mortgages that JPMorgan wasn’t responsible for damages beyond those on the failed bank’s books at the time.

JPMorgan argued its liabilities were limited under its 2008 purchase agreement with the FDIC and the regulator should pay for any damages owed in the case.

U.S. District Judge Rosemary Collyer in Washington issued the two-page order Wednesday in the lawsuit filed in 2009 by Deutsche Bank, which was the mortgage-bond trustee.

To access the complete Bloomberg News article hit the link below:

JPMorgan Partly Escapes WaMu Takeover Mortgage Liabilities

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