Cert. Denied In First American Appraisal Collusion Suit

Law360, New York (August 31, 2010, 7:28 PM EDT) -- A federal judge has denied class certification to shareholders in a suit alleging title insurer First American Financial Corp. and its unit eAppraiseIT LLC colluded with Washington Mutual Inc. to manipulate real estate appraisals.

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York ruled Tuesday that the plaintiffs had not produced evidence that the companies' alleged misstatements about the quality and accuracy of the appraisal business were material.

Judge Kaplan further held that the lead plaintiff in the securities fraud...
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