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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.