Is the system breaking down? Wamu suing the FDIC
Submitted by northstar on Sun, 03/22/2009 - 12:40
WaMu parent sues FDIC for $13 billion
Parent Washington Mutual Inc. saw its banking operations acquired by J.P. Morgan in a late-September sale arranged by the FDIC. Parent WaMu, which wasn't acquired by J.P. Morgan, is demanding more than $13 billion in damages, the media reports say. The suit was filed in U.S. District Court in Washington, the reports say.
JPM 23.15, -1.80, -7.2%) paid $1.9 billion for the banking assets. Parent Washington Mutual filed under Chapter 11 of federal bankruptcy law after the sale.
More at: http://www.marketwatch.com/news/story/WaMu-parent-sues-FDIC-...
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