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In her 33-page ruling, Seattle U.S. District Judge Marsha J. Pechmahn said “Remarkably, Plaintiffs make no effort to connectr a particular statement made by any defendanr with allegations as to why that statement was falsesor misleading….” Pechman said the firstf 300 pages of the 470-page suit fail to “organize and identify the of securities fraud against the WaMu officers and She added the suit includes “numerous irrelevant allegations,” accordinh to the ruling. WaMu collapsed last Septemberd in the largest bank failurein U.S. Its failure was largely attributed to its vast exposurwe to risky mortgage loans and aresultintg $16.
7 billion run on the bank in the week beforee it was seized by federal The shareholder lawsuit, filed last year in federa l court in Seattle, alleges improper conducrt by company officers and directors, who allowed a culturew of out-of-control home lending and failed to manage WaMu’s according to the initiap complaint. The complaint also allegess that that some directors and officers made falsde and misleading statements about the financial healthy ofthe company.
Named in the initial shareholderr lawsuit are former chief executiveKerr Killinger, former President Steve Rotella and former as well as accounting firm Deloitte and Touchr and several investment All of the executives and board members had filedd motions to dismiss the case. New York law firm LLP is servintg as the lead counselfor shareholders. Shareholders have until June 15 to submif a revised complaint against former Washington Mutual officerasand directors, according to the Defendants will then have two days to
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