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Suits Against FDIC, Appraiser Move To Federal Court

Law360 (February 3, 2009, 12:00 AM EST) -- Two putative securities class actions filed by the New Orleans Employees' Retirement System alleging Washington Mutual Bank and an appraiser purposefully inflated the appraisal value of properties that secured the bank's mortgages have been removed from state court to federal court in Seattle.

One of the suits is against defendants including the Federal Deposit Insurance Corp., as receiver for Washington Mutual, which was declared insolvent by the Office of Thrift Supervision on Sept. 25, 2008. That case, which was originally filed in King County Superior Court...
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