JPMorgan Chase ( JPM) is suing Washington Mutual and the Federal Deposit Insurance Corp. for the right to retain certain assets it acquired in its purchase of the failed thrift in September. New York-based JPMorgan filed a lawsuit on Tuesday in a Delaware bankruptcy court, claiming the right to assets including securities, tax refunds and capital contributions acquired in the deal, but which the holding company for WaMu is now trying to recoup, according to Dow Jones. JPMorgan bought the thrift's assets for $1.9 billion after the FDIC seized the company in late September. JPMorgan Chase's suit comes several days after WaMu's holding company filed its own lawsuit against the FDIC alleging that the $1.9 billion that JPMorgan Chase paid for the assets was too low. JPMorgan Chase was not named in that lawsuit, according to Dow Jones. According to WaMu's complaint, filed with the U.S. District Court in Washington, D.C. on March 20, the holding company is looking to recover up to $6.5 billion in capital contributions made to the thrift from December 2007 through September 2008, when the company was seized by the regulator, according to Dow Jones. The company is also looking to recoup $4 billion in trust securities and tax refunds, media reports say. A JPMorgan spokesman declined to comment to TheStreet.com. Just days after JPMorgan acquired most of WaMu, Citigroup ( C) reached a deal with Charlotte, N.C., bank Wachovia. But Wells Fargo ( WFC) trumped Citi's offer for Wachovia and ended up completing its purchase on Dec. 31.
Wells and Citi are also in a legal battle over the Wachovia acquisition.