Wachovia Faces Class Action Over Loan Statements

Law360, New York (June 10, 2008, 12:00 AM EDT) -- A Wachovia Corp. shareholder has hit the bank and its executives with a purported class action for allegedly making false statements that the bank's loan underwriting practices were better prepared to withstand the credit crisis than other banks', then reporting quarterly losses due to the declining mortgage market.

The Bristol County Retirement System filed the class action on Friday in the U.S. District Court for the Northern District of California, claiming that Wachovia and its officers artificially inflated the company's market price by making false and...
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