Mr Cooper Group Inc (COOP)

[Bob Dylan]

WaMu says it has settlement with JPMorgan, FDIC

I live in Seattle, so this was big news within the local news outlets. So, what's it mean for Monday's stock price?

Here's the article (from http://www.king5.com/news/business/WaMu-says-it-has-settlement-with-JPMorgan-FDIC-87485522.html)

WILMINGTON, Del. - Washington Mutual Inc. says it has resolved disputes with JPMorgan Chase & Co. 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 assets 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