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JPMorgan May Seek to Recoup WaMu Funds

JPMorgan Chase has notified federal regulators that it may seek to recoup the money it used to buy the assets of fallen Washington Mutual, or even more.

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Photo by: Salim Virji
JPMorganChase

The Wall Street bank told the Federal Deposit Insurance in letters that it may seek the money, a person familiar with the situation confirmed Monday.

The person spoke on condition of anonymity because lawsuits are pending between JPMorgan Chase and the FDIC in the WaMu bankruptcy.

The FDIC seized Seattle-based WaMu's bank in September 2008 and sold its assets to JPMorgan Chase for $1.9 billion. It was the biggest bank to fail in the US.

JPMorgan's claims are being made to the receivership that is holding WaMu's assets and is controlled by the FDIC. The claims could be more than $6 billion.

FDIC and JPMorgan Chase spokesmen declined comment.

JPMorgan's notice was reported earlier by The Wall Street Journal.