{"id":5548,"date":"2013-12-23T00:00:00","date_gmt":"2013-12-23T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/12\/fdic_sued_by_jpmorgan_chase_fo"},"modified":"2022-05-05T08:53:32","modified_gmt":"2022-05-05T13:53:32","slug":"fdic-sued-by-jpmorgan-chase-fo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fdic-sued-by-jpmorgan-chase-fo\/","title":{"rendered":"FDIC Sued by JPMorgan Chase in $1B Securities Case Involving Washington Mutual Purchase & Mortgage-Backed Securities"},"content":{"rendered":"\n

JPMorgan Chase (JPM) <\/a>is suing the Federal Deposit Insurance Corp. for over $1 billion dollars related to the bank\u2019s purchase of Washington Mutual (WMIH). The financial firm said that the FDIC did not honor its duties per the purchase agreement.<\/p>\n

When Washington Mutual suffered the biggest bank failure in our nation\u2019s history during the financial crisis in 2008, FDIC became its receiver and brokered the sale of assets. JPMorgan, which made the purchase for $1.9 billion, says that the FDIC promised to protect or indemnify the bank from liabilities. Regulators had encouraged the firm to buy Washington Mutual hoping this would help bring back stability to the banking system.<\/p>\n

Since then, however, contends JPMorgan, the FDIC has refused to acknowledge mortgage-backed securities <\/a>claims by investors and the government against the firm. The bank says that the cases should have been made against the receivership instead. (In its lawsuit, JPMorgan says there are enough assets in the receivership to cover a settlement with mortgage companies Freddie Mac (FMCC) and Fannie Mae (FNMA) and other claims, such as a slip and fall personal injury case involving a Washington Mutual branch.) Meantime, the FDIC maintains that JPMorgan is the one who should be accountable for any liabilities from its acquisition of Washington Mutual. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

JPMorgan Chase (JPM) is suing the Federal Deposit Insurance Corp. for over $1 billion dollars related to the bank\u2019s purchase of Washington Mutual (WMIH). The financial firm said that the FDIC did not honor its duties per the purchase agreement. When Washington Mutual suffered the biggest bank failure in our nation\u2019s history during the financial […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958,4004],"tags":[2516,2593,2517],"class_list":["post-5548","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-washington-mutual","tag-fannie-mae","tag-fdic","tag-freddie-mac"],"yoast_head":"\nFDIC Sued by JPMorgan Chase in $1B Securities Case Involving Washington Mutual Purchase & Mortgage-Backed Securities — Investor Lawyers Blog — December 23, 2013<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase (JPM) is suing the Federal Deposit Insurance Corp. for over $1 billion dollars related to the bank\u2019s purchase of Washington Mutual (WMIH). — December 23, 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