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WaMu Seeks $4B From JPMorgan

10-23-2009 | Source: emii.com

Washington Mutual (WaMu) has asked a federal judge to force JPMorgan Chase to return over $4 billion to the bankrupt holding company, Reuters reports. WaMu claims the money was on deposit at Washington Mutual Bank fsb and Washington Mutual Bank when they were seized last year.

JPMorgan’s lawyers and federal regulators feel WaMu’s bookkeeping is a “shell game.” They believe more evidence will be needed to determine if the money was a deposit or some other form of transaction, such as a capital contribution.

Click here for the story from Reuters.

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