"JPMorgan Chase Bank on Tuesday filed a countersuit against the Federal Deposit Insurance Corp. and the holding company of Washington Mutual Inc. in an attempt to protect its purchase of the failed bank’s assets.
JPMorgan’s move is in response to a lawsuit filed against the FDIC on March 20 by Washington Mutual. The holding company sued to recover billions in tax refunds, capital contributions and trust securities in the wake of federal regulators' seizure and sale of WaMu’s assets to JP Morgan Chase for $1.9 billion.
In JPMorgan’s 67-page complaint, filed in the U.S. Bankruptcy Court, District of Delaware, JPMorgan states that it wants to “protect its economic interests in the assets” purchased after Washington Mutual collapsed in September 2008.
The sale of WaMu, the banking operations, was orchestrated by the FDIC, and the holding company filed for bankruptcy protection following the sale. The bankruptcy is currently winding its way through U.S. Bankruptcy Court in the District of Delaware.
At issue for JPMorgan is $4 billion in trust securities, taxing rights and $234 million in tax refunds, among other points of contention.
JPMorgan asked the court to confirm its full legal title to the assets at issue and resolve all of the conflicting claims, according to the lawsuit."
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