According to Seeking Alpha, JPMorgan Chase (JPM) has dropped opposition to shouldering all of the legal liability over Washington Mutual. The change opens the door for a $13 billion legal settlement with the Department of Justice.
Should it come, the settlement will resolve all civil federal investigations as well as state probes by NY and CA, along with a suit by the National Credit Union Administration.
The deal has been held up for weeks, reportedly by the Bank of Dimon's insistence it preserve the right to come back at the FDIC for some of the costs associated with WAMU – a non-starter of an idea at Justice.
