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WaMu Fraud is the top news headlines. But Washington Mutual securities fraud is a separate cause of action from what many shareholders presume. Shareholders are in the hole and are desperate to recover their losses.
A law suit filed by an individual investor in Los Angeles County fails to state cause of action. The crux of the case is, a shareholder who left without his investment sued Washington Mutual and JP Morgan Chase in Municipal Court of Los Angeles, Santa Monica Branch. The law suit that was filed alleges fraud on the part of both companies involved in the Washington Mutual and JP Morgan Chase merger. The summary of the court case can be found at Disgruntled WaMu Shareholders Sue Washington Mutual and Chase
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There are many companies right now that are struggling right now and WaMu is one of them.
ReplyDeleteI don't think Washington Mutual is struggling as much as its investors
ReplyDeleteAfter a long, gradual drop WaMu Bonds went from 43 cents on the dollar to zero--overnight--just before its collapse.
ReplyDelete