Court Splits R&W Liability between JPMorgan and WaMu; PwC’s Bid for Docs in Colonial Case Denied
June 12, 2015
JPMorgan Chase recently won in a long-running lawsuit with Deutsche Bank, limiting potential liabilities it inherited from purchasing the embattled Washington Mutual in 2008 at the behest of federal banking regulators. U.S. District Court Judge Rosemary Collyer in Washington, DC, ordered that liabilities for representation-and-warranty breaches be split between JPMorgan and WaMu Mortgage Securities Corp. The judge decided that JPMorgan would be liable only to the extent that the liabilities were on WaMu’s books as of Sept. 25, 2008. The remaining liabilities would remain at WaMu. Only a short order was released...