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News of the Competition (06/13/2014)
  • CHICAGO (6/13/14)--On June 10, the Federal Deposit Insurance Corp. filed suit against JPMorgan Chase & Co. and BMO Harris Bank to claim $265 million in federal tax refunds owed to failed FBOP Corp. banks ( Crain's Chicago Business June 12). The Oak Park, Ill.-based bank was seized by the FDIC in 2009 with most of the assets and deposits--with the exception of the tax refunds--being sold to U.S. Bank in Minneapolis. With a $246 million loan, JPMorgan was the biggest lender to FBOP, which at its peak held more than $19 billion in assets. Prior to its closure, FBOP was sued by BMO Harris to recover a $43 million loan. JPMorgan and BMO Harris want to recoup some of what they are owed with FBOP's tax refund. The FDIC estimates that the FBOP bank failure cost the insurance fund $2.5 billion ...


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