I got this from yahoo. jpm wronged by the govt?
Wait, I see it says JPM got involved with the suit AFTER it got WAMU. SO they get this extra money because of WAMU. WTF...
Bloomberg: 3/10/10 13:51:
By Susan Decker and Greg Stohr
March 10 (Bloomberg) -- JPMorgan Chase & Co. won an appeals court ruling that orders the U.S. to pay at least $356 million for breaking a promise of special regulatory treatment made during the savings and loan crisis of the 1980s. The U.S. Court of Appeals for the Federal Circuit in Washington today also said JPMorgan might be entitled to another $63 million in the case, which originated with New York-based Anchor Savings Bank. The lawsuit is one of the last of more than 100 heard by federal courts over promises made by regulators to encourage takeovers of failing thrifts. The suits say thrift acquirers spared regulators from having to seize the struggling institutions and pay off depositors, and then lost money when the government reneged on the promises. Anchor bought thrifts in New Jersey, Georgia and Florida, and later was forced to divest a mortgage-banking unit called Residential Funding Corp. New York-based JPMorgan got involved in the case after it bought Washington Mutual, which had purchased Anchor. The Court of Federal Claims, which has to decide if JPMorgan is entitled to the extra $63 million, also could grant another $100 million to compensate the bank for taxes it will have to pay on the damage award, said JPMorgan lawyer Edwin Fountain of Jones Day in Washington. That could raise the total to the largest award in one of the S&L cases, he said today in a phone interview. Jennifer Zuccarelli, a JPMorgan spokeswoman, declined to comment on the case. Charles Miller, a Justice Department spokesman, said the government had no comment.
The case is Anchor Savings Bank FSB v. U.S., 2008-5175 and 2008-5182, U.S. Court of Appeals for the Federal Circuit
(Washington).
