FDIC, WaMu Close to Resolving Dispute (JPM)
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The Federal Deposit Insurance Corp. may be close to a settlement with former Washington Mutual executives, the WSJ said Friday.
WaMu, now owned by J.P. Morgan (NYSE: JPM) and the FDIC, could settle a lawsuit in which former executives were accused of taking gambles which sparked a portion of 2008 financial meltdown and illegally sought to shield cash and houses from legal claims.
The FDIC said in its court filing the parties involved "exchanged settlement term sheets reflective of a potential settlement," and are "diligently working to resolve their remaining disputes."
WaMu's collapse was the biggest bank failure in the history of the U.S. J.P. Morgan acquired WaMu in 2008 for $1.9 billion, which gave the bank $307 billion of WaMu assets and $188 billion of deposits.
WaMu, now owned by J.P. Morgan (NYSE: JPM) and the FDIC, could settle a lawsuit in which former executives were accused of taking gambles which sparked a portion of 2008 financial meltdown and illegally sought to shield cash and houses from legal claims.
The FDIC said in its court filing the parties involved "exchanged settlement term sheets reflective of a potential settlement," and are "diligently working to resolve their remaining disputes."
WaMu's collapse was the biggest bank failure in the history of the U.S. J.P. Morgan acquired WaMu in 2008 for $1.9 billion, which gave the bank $307 billion of WaMu assets and $188 billion of deposits.
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