Bid To Consolidate WaMu Mortgage Suits Rejected

Law360, New York (May 12, 2009, 12:00 AM EDT) -- A federal judge has declined to consolidate putative class actions filed by the Boilermakers National Annuity Trust Fund and the New Orleans Employees' Retirement System alleging Washington Mutual Bank and an appraiser purposefully inflated the appraisal value of properties that secured the bank's mortgages.

Judge Marsha J. Pechman of the U.S. District Court for the Western District of Washington on Saturday ruled that consolidation was no longer an option because of a stay placed on the New Orleans retirement system case in its separate proceedings. Individual...
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