CORRECTED: WaMu Can't Eliminate MBS Class Action

Law360, New York (July 25, 2012, 2:45 PM EDT) -- A Washington federal judge on Monday refused to toss an investor class action over failed mortgage-backed securities offered by units of Washington Mutual Bank NA, ruling summary judgment was inappropriate in a case “where the facts remain hotly contested.”

The suit alleges that the offering documents provided by WaMu Capital Corp. and Washington Mutual Asset Acceptance Corp. contained material misstatements about the companies' mortgage underwriting.

WaMu filed an April 13 motion requesting summary judgment. Having heard oral arguments on the matter July 12 and considered a...
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