Case Page

 

Case Status:    DISMISSED    
On or around 04/07/2009 (Court's order of dismissal)

Filing Date: August 20, 2008

The class action was filed on behalf of all persons who purchased or acquired shares of Washington Mutual's proprietary mutual funds, the WM Group of Funds. Specifically, the complaint alleges that the Funds' relevant prospectuses failed to disclose payments by the Funds' investment advisor to broker/dealers as part of a "steering" program that compromised broker/dealers' objectivity and created insurmountable, undisclosed conflicts of interest. The complaint alleges that the undisclosed payments were made in addition to and separate from the Funds' 12b-1 fee, and were wrongfully diverted from other fees in violation of Section 12(b) of the Investment Company Act of 1940, Sections 11 and 12(a) of the Securities Act of 1933, Section 10(b) of Securities Exchange Act of 1934, and S.E.C. rules 10b-5 and 10b-10.

On November 17, 2008, the Court granted plaintiff Sue Ellen Dumdie's motion to be appointed lead plaintiff and further approved her selection of Finkelstein & Krinsk LLP as lead counsel. On December 12, 2008, the lead plaintiff filed a Second Amended Class Action Complaint. The defendants filed their motion to dismiss the Second Amended Complaint on January 26, 2010. On March 25, 2009, a Stipulation of Dismissal was filed, the parties agreeing to dismiss the action with prejudice. On April 7, 2009, Judge Marsha J. Pechman signed the Order and the action was dismissed with prejudice.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Open-end Fund
Market Status: Open-end Fund

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: W.D. Washington
DOCKET #: 08-CV-01251
JUDGE: Hon. Marsha J. Pechman
DATE FILED: 08/20/2008
CLASS PERIOD START: 03/01/2002
CLASS PERIOD END: 12/31/2006
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 ·
  2. Hagens Berman Sobol Shapiro LLP (Seattle)
    1301 Fifth Avenue, Suite 2900, Hagens Berman Sobol Shapiro LLP (Seattle), WA 98101
    206-623-7292 206-623-0594 · info@hagens-berman.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 08-CV-01251
JUDGE: Hon. Marsha J. Pechman
DATE FILED: 12/12/2008
CLASS PERIOD START: 03/01/2002
CLASS PERIOD END: 12/31/2006
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