$10M Settlement Rejected In WaMu Mortgage Class Action

Law360, New York (October 30, 2013, 6:55 PM EDT) -- A California judge on Tuesday rejected a $10 million settlement between two Washington Mutual units and a group of plaintiffs claiming they were duped into buying bogus mortgage loans, saying the deal includes an overly broad class definition.

U.S. District Court Judge Josephine L. Staton said the class definition outlined in the settlement goes significantly further than the class previously certified by the court and, in doing so, raises “serious concerns” about commonality and typicality requirements.

The proposed deal has been expanded to include all California...
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