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Wamu Sues jpmorgan to Recover $4 Billion in Deposits
Bankruptcy |
2009/04/29 02:49
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Lawyers for Washington Mutual Inc. have filed a bankruptcy court complaint against JPMorgan Chase & Co. over some $4 billion in disputed assets.
Seattle-based WaMu, which filed for Chapter 11 reorganization along with its Washington Mutual Investment Corp. affiliate in September, contends in the complaint that the funds are part of its bankruptcy estate.
The complaint was filed in U.S. Bankruptcy Court in Delaware on Monday, one month after New York-based JPMorgan filed its own adversary action asserting that the funds were included in its $1.9 billion purchase of substantially all of WaMu's banking assets from the Federal Deposit Insurance Corporation. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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