Originally published Thursday, October 22, 2009 at 1:02 AM

WaMu seeks turnover of deposits from JPMorgan

The judge presiding over the bankruptcy case of Washington Mutual Inc. is set to hear argument over more than $4 billion in banks deposits the company says it owns.

The Associated Press

WILMINGTON, Del. —

The judge presiding over the bankruptcy case of Washington Mutual Inc. is set to hear argument over more than $4 billion in banks deposits the company says it owns.

Washington Mutual filed a motion for summary judgment earlier this year seeking to force JPMorgan to turn over deposits that WaMu claims it owns and needs to fund its bankruptcy estate.

JPMorgan, which also claims ownership of the deposits, is expected to argue at Thursday's hearing that a full evidentiary record needs to be developed before the court can determine the rightful owner of the assets.

The Federal Deposit Insurance Corp. seized the Seattle-based savings and loan last September, then sold it to JPMorgan for $1.9 billion.

More Local News headlines...

E-mail article Print Share

Comments

No comments have been posted to this article.

Read all comments / Share your thoughts