On a conference call Tuesday evening, Dimon said that in future litigation, the bank plans to tangle with the Federal Deposit Insurance Corp. over roughly $2.7 billion the regulator is holding in receivership for Washington Mutual creditors.
The question of who bears responsibility for Washington Mutual’s legal liabilities was a major snag during the settlement talks with the DoJ. J.P. Morgan had previously said the FDIC receivership should absorb any claims, but ultimately backed down against the DoJ….
J.P. Morgan wants to pursue those funds to pay any portion of future settlements stemming from WaMu lawsuits….
Dimon said the bank is willing to keep up the fight for the long haul. “We’re very patient. If it takes five years, we’re fine with that.”
J.P. Morgan Won't Back Down From FDIC Fight [WSJ MoneyBeat blog]