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Investors, WMI Reach Settlement In Securities Suit

Law360 (April 7, 2011, 10:51 PM EDT) -- A federal judge in Washington state on Wednesday paused the lead securities class action brought by investors against defunct Washington Mutual Inc. after learning the parties had reached a tentative settlement.

"The court vacates the trial and pretrial dates, stays all discovery and strikes all pending motions in the lead securities class action," a filing in the U.S. District Court for the Western District of Washington said, without mentioning terms of the pending settlement.

The plaintiffs hit WMI and its former executives and underwriters with an...
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