Finde leider keinen offiziellen Link dazu ??
By Peg Brickley
Of DOW JONES NEWSWIRES
WILMINGTON, Del. (Dow Jones)--Washington Mutual Inc. (WAMUQ) Friday sued the
Federal Deposit Insurance Corp. over the takeover of Washington Mutual Bank,
seeking billions in damages for the loss of its prized thrift.
A complaint filed in the U.S. District Court in Washington, D.C., says WaMu's
former parent is entitled to recoup up to $6.5 billion in capital contributions
it made to the thrift from December 2007 through the September 2008 seizure.
(This article also appears in Daily Bankruptcy Review, a publication from Dow
Jones & Co.)
Washington Mutual filed for bankruptcy protection the day after losing
control of WaMu to regulators, who said it was on the point of failing. If that
was the case, Washington Mutual said, it is entitled to get the money back
under Bankruptcy Code fraudulent transfer provisions.
Parent Washington Mutual is also chasing $4 billion worth of trust preferred
securities that were transferred to WaMu as part of the takeover.
The complaint faulted federal regulators for getting only $1.9 billion from
JPMorgan Chase & Co. (JPM), which bought the thrift, and said the FDIC sold
property it had no right to sell.
Additionally, Washington Mutual says it's entitled to up to $3 billion in tax
refunds it expects to receive due to the 2008 losses triggered by the WaMu
seizure.
Other damages sought include $177 million in unpaid loans the parent company
made to its subsidiary, WaMu, before the thrift's mortgage-lending practices
pushed it into insolvency, court documents say.
In Chapter 11, Washington Mutual is trying to round up money to pay its
creditors. WaMu's former parent has been battling JPMorgan and the FDIC for
access to an estimated $4 billion in cash that it had on deposit at WaMu when
regulators took over.
The FDIC is serving as receiver for WaMu, responsible for helping the
thrift's creditors collect their money. Washington Mutual, the parent, filed a
claim in the receivership but was turned down, according to the complaint.
WaMu's former parent said it would seek a jury trial of its case against the
FDIC.
-By Peg Brickley, Dow Jones Newswires; 302-521-2266;
peg.brickley@dowjones.com
By Peg Brickley
Of DOW JONES NEWSWIRES
WILMINGTON, Del. (Dow Jones)--Washington Mutual Inc. (WAMUQ) Friday sued the
Federal Deposit Insurance Corp. over the takeover of Washington Mutual Bank,
seeking billions in damages for the loss of its prized thrift.
A complaint filed in the U.S. District Court in Washington, D.C., says WaMu's
former parent is entitled to recoup up to $6.5 billion in capital contributions
it made to the thrift from December 2007 through the September 2008 seizure.
(This article also appears in Daily Bankruptcy Review, a publication from Dow
Jones & Co.)
Washington Mutual filed for bankruptcy protection the day after losing
control of WaMu to regulators, who said it was on the point of failing. If that
was the case, Washington Mutual said, it is entitled to get the money back
under Bankruptcy Code fraudulent transfer provisions.
Parent Washington Mutual is also chasing $4 billion worth of trust preferred
securities that were transferred to WaMu as part of the takeover.
The complaint faulted federal regulators for getting only $1.9 billion from
JPMorgan Chase & Co. (JPM), which bought the thrift, and said the FDIC sold
property it had no right to sell.
Additionally, Washington Mutual says it's entitled to up to $3 billion in tax
refunds it expects to receive due to the 2008 losses triggered by the WaMu
seizure.
Other damages sought include $177 million in unpaid loans the parent company
made to its subsidiary, WaMu, before the thrift's mortgage-lending practices
pushed it into insolvency, court documents say.
In Chapter 11, Washington Mutual is trying to round up money to pay its
creditors. WaMu's former parent has been battling JPMorgan and the FDIC for
access to an estimated $4 billion in cash that it had on deposit at WaMu when
regulators took over.
The FDIC is serving as receiver for WaMu, responsible for helping the
thrift's creditors collect their money. Washington Mutual, the parent, filed a
claim in the receivership but was turned down, according to the complaint.
WaMu's former parent said it would seek a jury trial of its case against the
FDIC.
-By Peg Brickley, Dow Jones Newswires; 302-521-2266;
peg.brickley@dowjones.com
