JPM Lawsuits, Etc.: JPMorgan Chase sued the Federal Deposit Insurance Corp. on Tuesday for over $1 billion, alleging that the regulator did not honor its obligation to cover legal claims against Washington Mutual. JPM, of course, acquired WaMu in a hastily drawn-up deal at the height of the financial crisis. (We're saying "hastily drawn-up" here, since the agreement apparently lacks specifics over who exactly is liable for what.) JPM is not seeking restitution for the landmark $13 billion mortgage settlement it reached with the Justice Department in November, because, you know, as part of that settlement, it agreed not to. The bank is, however, looking for the FDIC receivership to cover damages from "24 suits brought by a variety of investors, for which it said it should not have to take responsibility," reports the FT. The bank includes settlements paid out to Fannie Mae and Freddie Mac over bad loans they purchased from WaMu. Spokespersons from both sides are declining to comment. The Journal notes that JPM's "confrontation with one regulator comes as the bank faces a host of other legal headaches and investigations into everything from its overseas hiring practices to its trading operations." In fact, just yesterday, the bank was sued by Mississippi's attorney general over its credit card debt collection practices. And, in case you haven't had your fill of JPM news this morning, a new report, per the Journal, has found JPM "is the least likely among 15 big U.S. commercial banks to return large amounts of excess capital to shareholders over the next three years."
Bloomberg Adds Chat Room Controls: Bloomberg is adding tools to its terminals that will allow firms to monitor and restrict access to trader chat rooms, which are popular for those involved in market manipulation schemes. Illicit trader chats have been cited in recent Libor and Forex settlements/probes and several banks, including JPM, are reportedly close to prohibiting their use. The tools will, among other things, allow clients to limit how employees can access multi-firms chats. Wall Street Journal, Financial Times