Today, Washington Mutual, Inc. (WMI) announced a Global Settlement Agreement with J.P. Morgan Chase and the FDIC. Under the agreement, J.P. Morgan Chase will give WMI over $4 billion in WMI deposits in its former failed bank subsidiaries in exchange for over $6 billion in other assets. Also, the three parties will split two potential tax refunds worth a total of $5.6 billion.
USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Subsidiary, Federal Deposit Insurance Corporation (USA), JPMorgan Chase
Today, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law held a hearing entitled “Ramifications of Auto Industry Bankruptcies; Part II.” Testifying before the committee was Ron Bloom, Senior Advisor, U.S. Department of Treasury.
USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Supply chain, Liquidation, Administrative law, Troubled Asset Relief Program, US Department of the Treasury, US House of Representatives, General Motors, US House Committee on the Judiciary, Ally Financial, Chrysler