J.P. Morgan Brings $1 Billion Claim Against FDIC for WaMu RMBS Indemnification

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On December 17, J.P. Morgan Chase Bank filed a complaint in the United States District Court for the District of Columbia against the Federal Deposit Insurance Corporation (FDIC) seeking $1 billion in indemnification for settlements made by J.P. Morgan on behalf of Washington Mutual in RMBS actions. J.P. Morgan alleges that the FDIC is contractually obligated to indemnify J.P. Morgan for certain claims against WaMu in consideration for J.P. Morgan’s purchase of WaMu out of FDIC receivership and assumption of its liabilities. J.P. Morgan seeks indemnification for settlements of twenty different RMBS cases; the complaint does not identify the amounts of the individual settlements. Complaint.

Topics:  FDIC, Indemnification, JPMorgan Chase, Mortgage-Backed Securities, OTS, Receivership, RMBS, Washington Mutual

Published In: General Business Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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