290 at 71 LLC v. JPMorgan Chase Bank, N.A. and the Federal Deposit Insurance Corporation
N/AOUTCOME:
On the dawn of the United States' financial crisis in 2008, the Office of Thrift Savings declared Washington Mutual Bank insolvent, and appointed the FDIC as the receiver. 290 at 71 LLC, a developer ... , had a commercial lease with WaMu for the building of a consumer banking center in Austin, Texas. The FDIC, with its powers given to it by Congress, sold some of the assets and liabilities of WaMu to JPMorgan Chase. The lease for the banking house with 290 at 71, LLC, however, was not transferred, and instead, the FDIC disaffirmed the lease. 290 at 71 LLC argues that JPMorgan Chase assumed the lease and owes it damages.
