Biz bits

WaMu reaches deal with JPMorgan, FDIC

WILMINGTON, DEL. --- Washington Mutual Inc. has tentatively resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over $4 billion at issue in the bank holding company's Chapter 11 bankruptcy, a WaMu attorney said Friday.

The FDIC seized Washington Mutual's flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. The sale resulted in the two banking companies and the government agency trading lawsuits over roughly $4 billion in disputed deposit accounts.

WaMu attorney Brian Rosen told U.S. Bankruptcy Judge Mary Walrath on Friday that JPMorgan has agreed to turn over the money to Washington Mutual after deducting $172 million as its share of tax refunds received.

In return, JPMorgan will get 70 percent of expected tax refunds resulting from WaMu's prior operating losses that are valued at about $3 billion, with Washington Mutual getting 30 percent.

Washington Mutual also will get about 40 percent of a second round of operating-loss tax refunds valued at about $2.6 billion, with roughly 60 percent going to the FDIC.

In other news

APPLE INC. IS GIVING its chief operating officer a $5 million bonus for "outstanding performance" while running the company when CEO Steve Jobs was on medical leave. Timothy Cook, 49, will also receive 75,000 restricted stock units scheduled to vest in 2011 and 2012, Apple said in a regulatory filing Friday.