Banks Ask To Toss Investors' WaMu Securities Suit

Law360, New York (August 23, 2010, 5:34 PM EDT) -- Goldman Sachs & Co., Credit Suisse Securities LLC and Morgan Stanley & Co. Inc. have asked a court to throw out a second amended complaint brought by a putative class of institutional investors in a securities multidistrict litigation.

The investors provided no evidence that they read two offering circulars for a pair of Washington Mutual Inc. unregistered trust securities that allegedly misstated the savings and loan giant’s financial condition ahead of its bankruptcy in 2008, according to a motion to dismiss filed Aug. 20 in the...
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