Case Page

 

Case Status:    DISMISSED    
On or around 06/17/2008 (Court's order of dismissal)

Filing Date: February 28, 2007

A class action lawsuit has been brought in the United States District Court for the Southern District of California, asserting that Washington Mutual maintained and failed to disclose a "preferred list" of proprietary mutual funds while concealing from investors revenue-sharing and other incentive programs intended to sell the WM Group of Funds. The complaint alleges that Washington Mutual violated federal securities laws by issuing materially false and misleading information in the mutual fund prospectuses, which impeded investor access to alternative funds and superior returns.

On June 6, 2007, the Court appointed the named plaintiff as lead plaintiff and Finkelstein & Krinsk as lead counsel. Defendants' motions to dismiss the original complaint were denied as moot. Shortly thereafter, an Amended Complaint was filed on August 24, 2007. Defendants again moved for dismissal. On January 17, 2008, the U.S. District Judge Dana M. Sabraw granted the defendants’ motion to dismiss with prejudice and with leave to amend. On February 6, 2008, the plaintiff filed a Second Amended Complaint, and the defendants responded by filing motions to dismiss the Second Amended Complaint. On June 17, 2008, the Court granted the defendants’ motions to dismiss the Second Amended Complaint and the Court entered the Clerk’s Judgment that day. The plaintiff has filed a motion for reconsideration regarding the Order on Motion to Dismiss and the Clerk’s Judgment.

On August 19, 2008, U.S. District Court Judge Dana M. Sabraw denied the plaintiffs’ motion for reconsideration regarding the regarding the June 17, 2008 Order on Motion to Dismiss and the Clerk’s Judgment. The plaintiffs filed an appeal on September 11, 2008, and the appeal is currently pending in the Ninth Circuit Court of Appeals.

On March 25, 2009, the Court entered the Order from the U.S. Court of Appeals. The parties agreed to dismiss the appeal as to appellees WM Trust I, WM Trust II, WM Strategic Asset Management Portfolios, LLC, WM Financial Services, Inc., WM Advisors, Inc., WM Funds Distributor, Inc., Edge Asset Managements, Inc., Principal Financial Group, Inc., Principal Investors Fund, Inc., and Principal Funds Distributor, Inc., only. This case shall continue as to appellees Washington Mutual, Inc., and WAMU Investments, Inc. Pursuant to the 3/17/2009 order of the USCA, appellate proceedings are stayed as to appellee Washington Mutual, Inc., under 11 USC 362(a) until 4/14/2009.

COMPANY INFORMATION:

Sector: Financial
Industry: S&Ls/Savings Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Undetermined
Market Status: Unknown

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 07-CV-00385
JUDGE: Hon. Dana M. Sabraw
DATE FILED: 02/28/2007
CLASS PERIOD START: 03/01/2004
CLASS PERIOD END: 03/01/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 07-CV-00385
JUDGE: Hon. Dana M. Sabraw
DATE FILED: 02/06/2008
CLASS PERIOD START: 03/01/2004
CLASS PERIOD END: 03/01/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
No Document Title Filing Date
No Document Title Filing Date