Susan M. Greenwood | Bloomberg LawIn re Washington Mutual Mortgage-Backed Securities Litig., No. 09-CV-00037 (W.D. Wa. Oct. 21, 2011) The U.S. District Court for the Western District of Washington certified in part a class of investors that purchased mortgage-backed securities (MBS) created and sold by Washington Mutual Bank (WMB), Washington Mutual Asset Acceptance Corporation (WAAC), and certain officers and directors of the companies (collectively, Defendants). The Court, however, limited the class that it certified under Federal Rules of Civil Procedure 23(a) and (b)(3) to 13 tranches of MBS purchased by plaintiffs. It granted Defendants' motion for judgment on the pleadings as to the remaining 110 tranches.
Standing under Securities Act Section 11
"One-size-fits-all formula" Applies to Remaining Tranches
Limited Fund Rule Inapplicable
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