Followers | 153 |
Posts | 13656 |
Boards Moderated | 3 |
Alias Born | 11/24/2007 |
Thursday, July 14, 2011 5:34:31 PM
Court Denies In Part Motion to Dismiss WaMu MBS Litigation
WASHINGTON, Sept. 30 /PRNewswire-USNewswire/ -- In the case of Boilermakers National Annuity Trust Fund, et. al. v. WaMu Mortgage Pass Through Certificates, Series AR1, et. al., Judge Marsha J. Pechman, U.S. District Court for the Western District of Washington, has issued an order denying in part, Defendants' motions to dismiss Plaintiffs' Securities Act claims.
The court ruled that the Plaintiffs have alleged actionable claims with respect to seven offerings totaling $10.8 billion in mortgage-backed certificates issued and underwritten by WaMu and its related entities. The certificates were supported by pools of residential mortgage loans. WaMu, formerly Washington Mutual, Inc., was the nation's largest savings and loan association until it became the nation's largest bank failure in September 2008.
"This decision is good news for investors," said Plaintiffs' Co-lead Counsel Steven Toll, partner, Cohen Milstein Sellers & Toll, PLLC. "While we are disappointed that the court dismissed a number of offerings from the case, we are gratified that the court has permitted the prosecution of this case to go forward."
Judge Pechman granted the Defendants' motion to dismiss claims pertaining to 25 certificates. However, the court ruled that the alleged misstatements and omissions relating to the description of the purported loan underwriting guidelines in the Offering Documents gave rise to actionable claims under the Securities Act of 1933 and survived dismissal in each of the seven offerings. Judge Pechman further held that the Defendants failed to show that the purchase and sale agreements shielded Defendants from liability, that economic loss was not sufficiently alleged, or that the Offering Documents contained sufficient risk disclosures.
http://www.prnewswire.com/news-releases/court-denies-in-part-motion-to-dismiss-wamu-mbs-litigation-104077953.html
Recent COOP News
- Mr. Cooper Group Announces Senior Leadership Updates to Drive Digital-First Strategy and AI-Powered Home Loan Experience • Business Wire • 10/09/2024 01:00:00 PM
- Mr. Cooper Group Inc. to Discuss Third Quarter 2024 Financial Results on October 23, 2024 • Business Wire • 10/08/2024 09:10:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/02/2024 08:04:29 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 10/01/2024 08:32:21 PM
- ZenaTech, Inc. (NASDAQ: ZENA) To Commence Trading Today • InvestorsHub NewsWire • 10/01/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Present at the Barclays Global Financial Services Conference • Business Wire • 09/03/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/30/2024 08:17:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:31:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:09:25 PM
- Mr. Cooper Group Inc. Announces Pricing of Offering of $750 Million of Senior Notes • Business Wire • 07/29/2024 08:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 08:24:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:20:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:00:12 AM
- FLAGSTAR BANK, N.A. ANNOUNCES SALE OF ITS MORTGAGE SERVICING BUSINESS • PR Newswire (US) • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Reports Second Quarter 2024 Results and Announces Acquisition of Mortgage Operations From Flagstar • Business Wire • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:33:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:28:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:24:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:22:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:17:44 PM
ZenaTech, Inc. (NASDAQ: ZENA) Launchs IQ Nano Drone for Commercial Indoor Use • HALO • Oct 10, 2024 8:09 AM
CBD Life Sciences Inc. (CBDL) Targets Alibaba as the Next Retail Giant for Wholesale Expansion of Top-Selling CBD Products • CBDL • Oct 10, 2024 8:00 AM
Foremost Lithium Announces Option Agreement with Denison on 10 Uranium Projects Spanning over 330,000 Acres in the Athabasca Basin, Saskatchewan • FAT • Oct 10, 2024 5:51 AM
Element79 Gold Corp. Reports Significant Progress in Community Relations and Development Efforts in Chachas, Peru • ELEM • Oct 9, 2024 10:30 AM
Unitronix Corp Launches Share Buyback Initiative • UTRX • Oct 9, 2024 9:10 AM
BASANITE INDUSTRIES, LLC RECEIVES U.S. PATENT FOR ITS BASAFLEX™ BASALT FIBER COMPOSITE REBAR AND METHOD OF MANUFACTURING • BASA • Oct 9, 2024 7:30 AM