Former WaMu Execs Agree To $41.5M Securities Suit Deal

Law360, New York (October 6, 2011, 1:59 PM EDT) -- Plaintiffs in a securities class action alleging former Washington Mutual Inc. executives made misleading statements about the company's ability to profit from its mortgage-lending business on Wednesday asked a federal judge to approve a $41.5 million settlement.

In a motion filed in Seattle federal court, the plaintiffs said the settlement with former WaMu chairman and CEO Kerry Killinger and other individual defendants represented the best possible outcome for investors given the defendants' vow to mount a vigorous defense.

"The proposed settlement of this securities fraud class...
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