- JPMorgan (NYSE:JPM) has sued the Federal Deposit Insurance Corp. for a portion of the $2.7B remaining in the FDIC receivership that liquidated Washington Mutual following the sale of its branches and deposits to JPMorgan for $1.88B during the financial crisis in 2008.
- The lawsuit is the latest development in the dispute between JPMorgan and the FDIC over who should assume Washington Mutual's legal liabilities, such as those related to the sale of problematic mortgage bonds.
- Meanwhile, JPMorgan has been sued by the State of Mississippi for alleged misconduct while going after credit-card users for missed payments. The bank's sins include pursuing consumers for money they didn't owe, Mississippi said.
- The state is the second to sue JPMorgan over the issue, the other being California, while 15 others are examining the matter. JPM is already in early settlement talks with 14 of them.