Auzüge aus dem Jahresbericht von (JPMorgan) zum global settlement agreement
JPMorgan Chase & Co.
http://files.shareholder.com/downloads/ONE/...12-163/19617/filing.pdf
"Washington Mutual, Inc. bankruptcy plan confirmation
On February 17, 2012, a bankruptcy court confirmed the
joint plan containing the global settlement agreement
resolving numerous disputes among Washington Mutual,
Inc. (“WMI”), JPMorgan Chase and the Federal Deposit
Insurance Corporation (“FDIC”) as well as significant
creditor groups (the “WaMu Global Settlement”). Pursuant
to this agreement, the Firm expects to recognize additional
assets, including certain pension-related assets, as well as
tax refunds, in future periods as the settlement is executed
and various state and federal tax matters are resolved. For
additional information related to the WaMu Global
Settlement, see “Subsequent events” in Note 2, and
“Washington Mutual Litigations” in Note 31 on page
183-184 and 298, respectively, of this Annual Report."
On September 25, 2008, JPMorgan Chase acquired the banking
operations of Washington Mutual from the FDIC for $1.9 billion. The
acquisition resulted in negative goodwill, and accordingly, the Firm
recorded an extraordinary gain. A preliminary gain of $1.9 billion
was recognized at December 31, 2008. As a result of the final
refinement of the purchase price allocation in 2009, the Firm
recognized a $76 million increase in the extraordinary gain. The final
total extraordinary gain that resulted from the Washington Mutual
transaction was $2.0 billion.
From 2005 to 2008, Washington Mutual sold approximately
$150 billion principal amount of loans to the GSEs subject
to certain representations and warranties. Subsequent to
the Firm’s acquisition of certain assets and liabilities of
Washington Mutual from the FDIC in September 2008, the
Firm resolved and/or limited certain current and future
repurchase demands for loans sold to the GSEs by
Washington Mutual, although it remains the Firm’s position
that such obligations remain with the FDIC receivership. The
Firm will continue to evaluate and may pay (subject to
reserving its rights for indemnification by the FDIC) certain
future repurchase demands related to individual loans,
subject to certain limitations, and has considered such
potential repurchase demands in its repurchase liability.
The Firm believes that the remaining GSE repurchase
exposure related to Washington Mutual presents minimal
future risk to the Firm’s financial results.
Of
the $450 billion originally sold or deposited (including
$165 billion by Washington Mutual, as to which the Firm
maintains that certain of the repurchase obligations remain
with the FDIC receivership), approximately $191 billion of
principal has been repaid (including $71 billion related to
Washington Mutual). In addition, approximately $97 billion
of the principal amount of loans has been liquidated
(including $35 billion related to Washington Mutual), with
an average loss severity of 58%. Accordingly, the remaining
outstanding principal balance of these loans (including
Washington Mutual) was, as of December 31, 2011,
approximately $162 billion, of which $55 billion was 60
days or more past due. The remaining outstanding principal
balance of loans related to Washington Mutual was
approximately $59 billion, of which $20 billion were 60
days or more past due.
Purchased credit-impaired loans: PCI loans at
December 31, 2011, were $65.5 billion, compared with
$72.8 billion at December 31, 2010. This portfolio
represents loans acquired in the Washington Mutual
transaction, which were recorded at fair value at the time of
acquisition.
Washington Mutual Litigations. Subsequent to JPMorgan
Chase’s acquisition from the FDIC of substantially all of the
assets and certain specified liabilities of Washington Mutual
Bank (“Washington Mutual Bank”) in September 2008,
Washington Mutual Bank’s parent holding company,
Washington Mutual, Inc. (“WMI”) and its wholly-owned
subsidiary, WMI Investment Corp. (together, the “Debtors”),
both commenced voluntary cases under Chapter 11 of Title
11 of the United States Code in the United States
Bankruptcy Court for the District of Delaware (the
“Bankruptcy Case”). In the Bankruptcy Case, the Debtors
have asserted rights and interests in certain assets. The
assets in dispute include principally the following: (a)
approximately $4 billion in trust securities contributed by
WMI to Washington Mutual Bank (the “Trust Securities”);
(b) the right to tax refunds arising from overpayments
attributable to operations of Washington Mutual Bank and
its subsidiaries; (c) ownership of and other rights in
approximately $4 billion that WMI contends are deposit
accounts at Washington Mutual Bank and one of its
subsidiaries; and (d) ownership of and rights in various
other contracts and other assets (collectively, the “Disputed
Assets”).
WMI, JPMorgan Chase and the FDIC have since been
involved in litigations over these and other claims pending
in the Bankruptcy Court for the District of Delaware (the
“Bankruptcy Court”) and the United States District Court for
the District of Columbia.
In May 2010, WMI, JPMorgan Chase and the FDIC
announced a global settlement agreement among
themselves and significant creditor groups (the “WaMu
Global Settlement”). The WaMu Global Settlement is
incorporated into WMI's Chapter 11 plan (“the Plan”)
submitted to the Bankruptcy Court. The WaMu Global
Settlement resolves numerous disputes among WMI,
JPMorgan Chase, the FDIC in its capacity as receiver for
Washington Mutual Bank and the FDIC in its corporate
capacity, as well as those of significant creditor groups,
including disputes relating to the Disputed Assets. After
several amendments to the Plan to address deficiencies
identified by the Bankruptcy Court that were unrelated to
the WaMu Global Settlement, in February 2012 the
Bankruptcy Court confirmed the Plan, including the WaMu
Global Settlement.
Other proceedings related to Washington Mutual’s failure
are also pending before the Bankruptcy Court.
Among other
actions, in July 2010, certain holders of the Trust Securities
commenced an adversary proceeding in the Bankruptcy
Court against JPMorgan Chase, WMI, and other entities
seeking, among other relief, a declaratory judgment that
WMI and JPMorgan Chase do not have any right, title or
interest in the Trust Securities. In early January 2011, the
Bankruptcy Court granted summary judgment to JPMorgan
Chase and denied summary judgment to the plaintiffs in the
Trust Securities adversary proceeding. The plaintiffs have
appealed that decision to the United States District Court
for the District of Delaware. In connection with the current
Plan, these plaintiffs filed a motion seeking a stay of further
confirmation proceedings pending their appeal from the
Bankruptcy Court’s determination that they have no interest
in the Trust Securities and are instead owners of WMI
preferred equity. In January 2012, the Bankruptcy Court
denied their motion, and the District Court denied their
motions for a stay pending appeal and mandamus relief.
Other proceedings related to Washington Mutual’s failure
are pending before the United States District Court for the
District of Columbia and include a lawsuit brought by
Deutsche Bank National Trust Company, initially against the
FDIC, asserting an estimated $6 billion to $10 billion in
damages based upon alleged breach of various mortgage
securitization agreements and alleged violation of certain
representations and warranties given by certain WMI
subsidiaries in connection with those securitization
agreements. The case includes assertions that JPMorgan
Chase may have assumed liabilities for the alleged breaches
of representations and warranties in the mortgage
securitization agreements. The District Court denied as
premature motions by the Firm and the FDIC that sought a
ruling on whether the FDIC retained liability for Deutsche
Bank’s claims. Discovery is underway.
In addition, JPMorgan Chase was sued in an action originally
filed in state court in Texas (the “Texas Action”) by certain
holders of WMI common stock and debt of WMI and
Washington Mutual Bank who seek unspecified damages
alleging that JPMorgan Chase acquired substantially all of
the assets of Washington Mutual Bank from the FDIC at a
price that was allegedly too low. The Texas Action was
transferred to the United States District Court for the
District of Columbia, which ultimately granted JPMorgan
Chase’s and the FDIC’s motions to dismiss the complaint,
but the United States Court of Appeals for the District of
Columbia Circuit reversed the trial court’s dismissal and
remanded the case for further proceedings. Plaintiffs, which
now include only holders of Washington Mutual Bank debt
following their voluntary dismissal of claims brought as
holders of WMI common stock and debt, have filed an
amended complaint alleging that JPMorgan Chase caused the closure of Washington Mutual Bank and damaged them
by causing their bonds issued by Washington Mutual Bank
to lose substantially all of their value. JPMorgan Chase and
the FDIC have again moved to dismiss this action.
TPG:
In addition, JPMorgan Chase was sued in an action originally
filed in state court in Texas (the “Texas Action”) by certain
holders of WMI common stock and debt of WMI and
Washington Mutual Bank who seek unspecified damages
alleging that JPMorgan Chase acquired substantially all of
the assets of Washington Mutual Bank from the FDIC at a
price that was allegedly too low. The Texas Action was
transferred to the United States District Court for the
District of Columbia, which ultimately granted JPMorgan
Chase’s and the FDIC’s motions to dismiss the complaint,
but the United States Court of Appeals for the District of
Columbia Circuit reversed the trial court’s dismissal and
remanded the case for further proceedings. Plaintiffs, which
now include only holders of Washington Mutual Bank debt
following their voluntary dismissal of claims brought as
holders of WMI common stock and debt, have filed an
amended complaint alleging that JPMorgan Chase caused the closure of Washington Mutual Bank and damaged them
by causing their bonds issued by Washington Mutual Bank
to lose substantially all of their value. JPMorgan Chase and
the FDIC have again moved to dismiss this action.
TPS:
Among other
actions, in July 2010, certain holders of the Trust Securities
commenced an adversary proceeding in the Bankruptcy
Court against JPMorgan Chase, WMI, and other entities
seeking, among other relief, a declaratory judgment that
WMI and JPMorgan Chase do not have any right, title or
interest in the Trust Securities. In early January 2011, the
Bankruptcy Court granted summary judgment to JPMorgan
Chase and denied summary judgment to the plaintiffs in the
Trust Securities adversary proceeding. The plaintiffs have
appealed that decision to the United States District Court
for the District of Delaware. In connection with the current
Plan, these plaintiffs filed a motion seeking a stay of further
confirmation proceedings pending their appeal from the
Bankruptcy Court’s determination that they have no interest
in the Trust Securities and are instead owners of WMI
preferred equity. In January 2012, the Bankruptcy Court
denied their motion, and the District Court denied their
motions for a stay pending appeal and mandamus relief. |
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