In September 2008 Washington Mutual collapses with about $307 billion in assets, and was acquired by JPMorgan for $1.9 billion in a deal brokered by the Federal Deposit Insurance Corp., or FDIC. With that being said, some feel that this price was way too low and now Washington Mutual is asking a federal court for the power to make the Federal Reserve, the U.S. Treasury, and a long list of other parties turn over documents and witness interviews related to the bank's 2008 collapse.
Lawyers said that lawsuit accuses JPMorgan of disclosing confidential information "to government regulators, rating agencies, media, and investors in an effort to harm WMI by driving down WMI's credit rating and stock price."
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Sign Up for our Free Stock NewsletterWashington Mutual, Inc. (Washington Mutual) is a consumer and small business banking company with operations in United States markets. The Company is a savings and loan holding company. It owns two banking subsidiaries, Washington Mutual Bank (WMB) and Washington Mutual Bank fsb (WMBfsb), as well as numerous non-bank subsidiaries. The Company operates in four segments: the Retail Banking Group, which operates a retail bank network of 2,257 stores in California, Florida, Texas, New York, Washington, Illinois, Oregon, New Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and Connecticut; the Card Services Group, which operates a nationwide credit card lending business; the Commercial Group, which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in nationwide single-family residential real estate lending, servicing and capital markets activities. In September 2008, it filed for Chapter 11 bankruptcy.
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