WaMu Investors Win Class Cert. In Lending Fraud Suit

Law360, New York (October 14, 2010, 2:19 PM EDT) -- A federal judge has granted class status to a group of retirement plan investors accusing Washington Mutual Inc. of a massive home lending fraud scheme, rejecting WaMu's contentions that the class could not satisfy Federal Rule of Civil Procedure 23's typicality and predominance requirements.

Lead plaintiff the Ontario Teachers' Pension Plan Board, which bought nearly 5.5 million shares of WaMu's common stock, did not unwittingly exclude itself from its own class definition, Judge Marsha Pechman said in an order Tuesday in the U.S. District Court for...
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.