One bankster sueing the other.
Reuters:
Washington Mutual Inc (WAMUQ.PK) has filed a lawsuit against JPMorgan Chase & Co (JPM.N) seeking the return of more than $4 billion in cash deposits which it lost access to when its bank was sold last year.
Washington Mutual Bank was closed by the U.S. government in September, in the largest bank failure in U.S. history. Its banking assets were sold the same day to JPMorgan for $1.9 billion, and the parent holding company filed for bankruptcy protection a day later.
In a lawsuit filed late Monday in U.S. bankruptcy court in Delaware, WaMu said that JPMorgan has “wrongfully withheld” more than $4 billion in cash that the parent company had on deposit at Washington Mutual Bank at the time of the acquisition.
read full article Reuters
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