PFF Bancorp Investors Win Class Cert In Suit Against Execs

Law360, Wilmington (August 31, 2011, 9:02 PM EDT) -- A California federal judge on Monday certified a class of thousands of PFF Bancorp Inc. shareholders in a suit accusing the mortgage lender’s former top executives of deceiving investors about the company’s risky lending practices.

U.S. District Judge Andrew J. Guilford granted a motion for class certification from a slew of named plaintiffs, including Oregon Laborers Pension Trust Fund, covering all investors that purchased PFF stock between Oct. 23, 2006 and April 30, 2008.

The plaintiffs allege former PFF CEO Kevin McCarthy and former Chief Financial...
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