Washington Mutual Inc. says it has resolved disagreements with JPMorgan Chase & Co. JPMorgan Chase & Co trades on the “New York Stock Exchange” under the stock symbol “JPM”. For the Latest information regarding “JPM”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Washington Mutual Inc. says it has resolved disagreements with JPMorgan Chase & Co. (NYSE:JPM) and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company's Chapter 11 bankruptcy. The government agency seized Washington Mutual's flagship bank in 2008 and sold its possessions to JPMorgan for $1.9 billion. But the two banking companies and the FDIC have traded lawsuits over roughly $4 billion in disputed deposit accounts.
A WaMu attorney told a judge Friday that JPMorgan has agreed to turn over the money to Washington Mutual after deducting $172 million in tax refunds that WaMu has already received. In return, JPMorgan and the FDIC will get will get a major share of future tax refunds valued at about $5.6 billion
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