Like a multibillion-dollar game of hot potato, JPMorgan Chase & Co. on Tuesday sued the Federal Deposit Insurance Corp., arguing that the bank regulator is on the hook for massive liabilities incurred by Washington Mutual Inc.
JPMorgan bought the failed bank for $1.9 billion in 2008 following an FDIC takeover. What’s not clear is who got stuck with Washington Mutual’s liabilities—the FDIC, the failed bank’s receiver, or JPMorgan, its new owner?
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