Reuters-
JPMorgan Chase & Co (JPM.N) on Friday said it will receive $645 million in a settlement of litigation with the Federal Deposit Insurance Corp and Deutsche Bank AG (DBKGn.DE) arising from its purchase of Washington Mutual Inc’s banking operations during the financial crisis in 2008.
According to a regulatory filing, JPMorgan will collect the cash payment from the estate of Washington Mutual Bank, for which the FDIC acts as receiver.
In exchange, JP Morgan, the largest U.S. bank by assets said it will drop its more than $1 billion in claims related to the Washington Mutual (WaMu) purchase.
[REUTERS]
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