Washington Mutual collapsed in September 2008 with about $307 billion in assets, and was acquired by JPMorgan for $1.9 billion in a deal brokered by the Federal Deposit Insurance Corp., or FDIC. Seattle-based WaMu has said that price was much too low...
Lawyers said that lawsuit accuses JPMorgan of disclosing confidential information "to government regulators, rating agencies, media, and investors in an effort to harm WMI by driving down WMI's credit rating and stock price."

The lawyers allege JPMorgan used that information to convince regulators to seize the bank and sell off its assets so it could buy WaMu's assets at fire-sale prices.

Tags: wamu, jpmorgan, banks, finance, regulation,

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