Wachovia, Underwriters Assail Investor Class Action

Law360, New York (November 4, 2009, 3:18 PM EST) -- Wachovia Corp. and the underwriters and auditor of 30 of the company's public offerings have denounced a consolidated class action alleging they downplayed Wachovia’s parlous subprime exposure when selling some $35 billion bond class securities.

On Tuesday, Wachovia, its independent auditor KPMG LLP and 18 underwriters — including Goldman Sachs & Co., UBS Securities LLC and Barclays Capital — urged Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York to bounce the consolidated complaint, deeming it little more than...
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