WaMu securities suit alleges fraud, secret deals

07/8/2010 | Reuters

Owners of $1 billion in securities issued by an entity of Washington Mutual have filed suit against WaMu and JPMorgan, alleging a wide range of fraudulent and secret deals. The complaint focuses on the decision to swap the securities into preferred stock immediately, before regulators took over Washington Mutual Bank; the lawsuit also alleges that WaMu misrepresented its soundness and that JPMorgan, which subsequently bought the securities, knew of the bank's true instability before making the purchase.

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