WaMu Execs Win Bid To Nix Shareholder Action

Law360, New York (July 16, 2010, 1:49 PM EDT) -- The federal judge overseeing securities multidistrict litigation against Washington Mutual Inc. has granted a bid by several of its officers and directors to toss a shareholder action accusing them of making false and misleading statements about the now-defunct bank's financial standing.

Judge Marsha J. Pechman of the U.S. District Court for the Western District of Washington on Thursday nixed the suit brought by individuals, trusts and closely held partnerships in southern Oregon and Northern California on the grounds that the plaintiffs lacked standing to pursue their...
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