Washington Mutual, Inc. is a large financial services company in the United States.

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, and 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.