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JPMorgan (JPM) Stock Lower, Keefe Bruyette: WaMu Settlement a 'Small Positive'

NEW YORK (TheStreet) -- Shares of JPMorgan Chase (JPM) were sliding in mid-afternoon trading on Monday as Keefe Bruyette & Woods analysts said the investment banking and financial services company's recent settlement in its Washington Mutual mortgages case is a "small positive" but it will create "limited impact" to tangible book value.

JPMorgan said Friday that it agreed to settle its claims against failed bank Washington Mututal's receivership for $645 million in cash. The lawsuit, which was brought in 2009, surrounded whether JPMorgan or the FDIC was liable for WaMu's obligation to buy back hundreds of faulty...


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