JP MORGAN’S CLAIM AGAINST WASHINGTON MUTUAL HAS SETTLED

JP Morgan Chase & Co. has settled litigation it brought against the FDIC and Deutsche Bank AG resulting from its purchase of Washington Mutual Bank during the recession. JP Morgan said it will be paid $645 million in cash from the estate of Washington Mutual Bank and will release its claims against the estate. FDIC is the receiver for Washington Mutual. Deutsche Bank is the trustee overseeing billions of dollars of Washington Mutual residential mortgage-backed securities. It too will have a claim against the estate.