A settlement reached between JPMorgan Chase & Co.’s banking unit and the Federal Deposit Insurance Corp. will cover more than $600 million in litigation costs paid by the bank.
During the depths of the financial crisis in September 2008, Washington Mutual Bank was seized by the Office of Thrift Supervision — becoming the biggest bank failure in U.S. history.
The now-defunct OTS appointed the Federal Deposit Insurance Corp. as receiver, and the FDIC negotiated a deal for JP Morgan Chase Bank, N.A., to take over Seattle-based WaMu.
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From:: Financing