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Washington Mutual details class action suits

By Gary Jacobson

March 18, 2008 at 1:24am

Washington Mutual said it won a victory Monday in one legal battle, but its legal war is far from over.

In an SEC document filed last week, Washington Mutual listed 12 class action suits filed against it between November of last year and January of this year.

Among the claims, plaintiffs allege that Seattle-based Washington Mutual made false and misleading statements about its performance, and that company leaders conspired to defraud shareholders.

Like many mortgage lenders, Washington Mutual, the nation’s largest savings and loan, has been hammered by the credit crisis. WaMu stock, which traded as high as nearly $45 a share in the past year, closed Monday at $9.24.

In its annual proxy statement, Washington Mutual said CEO Kerry Killinger and several company executives were named in at least one of the suits, as are 12 of the company’s 14 board members, including Killinger.

One of the directors named is Tom Leppert, the mayor of Dallas.

In the filing, Washington Mutual said, “we have indemnified and are providing a defense for the director and executive defendants in the Securities and Derivative Actions, and in certain other related actions.”

The proxy also details two shareholder suits from 2004 and 2005. Not mentioned is a class action suit filed against Washington Mutual and other lenders alleging predatory practices aimed at African-American home buyers.

In December, Washington Mutual named Stewart M. Landefeld interim chief legal officer. Landefeld, who was a partner at Perkins Coie, plans to return to Seattle law firm after helping find a permanent replacement for former legal chief Fay Chapman, who retires at the end of June.

Whoever gets the permanent job will have some work to do.

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 Read related stories: Business · Mortgage · Subprime  

3 Comments

  • #1.   walt ward 11.24.2008

    I would like to see who is accountable for all the money in stock i have lost and would like sue someone or get my money back i owen 6000 shares thxs. walt

  • #2.   Robert S. Cummings 07.20.2009

    7/20/09. I lost my home to a trustee sale on June 1st 2009. and to find out that WaMu bought it back. I did everything to the best of my knowledge of a first time buyer to get someone at WaMu to work wiyh me on saving my homr that my Father bought 44yrs ago and left to me when he past away. Im 44yrs of age with a long history of being a hard worker. Im unemployed because company cut backs I been looking for help from anyone who knows how I can get my home back. when my home first went into foreclosure I called WaMu and they gave me a number of a loan modification agency. who I paid $4000.00 that was refundable if they was unable to get WaMu to lower my mortgage payments Well they failed and never retunrd my $4000.00. YOU CAN BELIVE I DID ALL I COULD TO SAVE MY HOME OF 44YRS.

  • #3.   J. Ashley 10.12.2009

    10/12/09 I discovered my mortgage company, Washington Mutual, quietly started stealing from me last month. I’ve sent in extra money to pay on the principal of my interest-only mortgage every month for 5 years, through automatic electronic bank transfers, and every month got a statement showing what went to interest & what went to principal, usually something like $400 to interest, $600 to principal. Last month I get a statement showing two payments of $400 each going to interest, and only $200 to principal. I called them up and was told they allocated the second $400 to NEXT month’s interest - yes, interest for a month that has not happened, thus allowing them to compute the interest owed the following month on a principal that was only reduced by $200 rather than $600. I read them the riot act, (if they are doing this to me, they are doing it to hundreds of thousands all over the country, many of whom probably don’t check their statements as closely as I do), had them reallocate the payment properly, told them to flag my account so that all future payments are allocated properly - and - then my October payment was made, I checked on line a few days later, and, they had done the same scam AGAIN! Clearly, they never want the principal to be paid. I wonder whether if I sent in $10,000 they would just allocate it all to interest for the next decade! So I will start mailing in my checks with the statement with the box checked saying what goes to principal, but what about the thousands out there who are being bilked every month by these crooks without knowing it? It boggles the mind.

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