WaMu bankruptcy hearing postponed, talks continue with JPMorgan and FDIC
By Randall Chase, APThursday, March 4, 2010
WaMu bankruptcy hearing delayed, talks continue
WILMINGTON, Del. — The judge in the Washington Mutual bankruptcy case is postponing a hearing as the bank tries to resolve disputes with JPMorgan Chase and the Federal Deposit Insurance Corp.
On behalf of the FDIC and JPMorgan, a WaMu attorney asked the Delaware judge for a one-week delay on Thursday.
WaMu and JPMorgan are battling over some $4 billion in disputed deposits from the Seattle savings and loan. Receivership claims also have been asserted by the FDIC, which seized Washington Mutual bank in 2008 and sold it to JPMorgan for $1.9 billion, a price WMI says was much too low.
An attorney for Washington Mutual Inc. says that discussions aimed at settling the disputes have accelerated recently, and that FDIC and JPMorgan want time to try to reach a resolution.
