Mr Cooper Group Inc (COOP): Settlement reached on Friday. JPMorga...

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Monday, 08/22/2016 5:10:58 PM

Monday, August 22, 2016 5:10:58 PM

Settlement reached on Friday.

JPMorgan Chase & Co has settled a legal dispute with the Federal Deposit Insurance Corp (FDIC) and Deutsche Bank. The American bank revealed the same on Friday (19 August) and said it would receive $645m (£493m) in settlement of litigation.

The lawsuit was relating to JPMorgan's purchase of Washington Mutual's (WaMu) banking operations during the 2008 financial crisis. WaMu had been America's largest savings and loan bank before FDIC seized it. The independent agency then sold WaMu's banking operations to JPMorgan for about $1.9bn (£1.45bn), before the parent holding company of WaMu filed for bankruptcy protection.

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