Class Action Over Metropolitan Collapse Certified

Law360, New York (December 1, 2008, 12:00 AM EST) -- A judge has certified a class of investors in a securities fraud suit against PricewaterhouseCoopers LLP, Ernst & Young LLP and others over an alleged fraud connected with stocks and debt issued by now-defunct Metropolitan Mortgage & Securities Co. Inc. and its affiliate Summit Securities Inc.

The class, which was certified by Judge Fred Van Sickle of the U.S. District Court for the Eastern District of Washington on Nov. 25, includes anyone who purchased investment debentures and preferred stock issued by Metropolitan, and investment certificates and...
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