Biz/Tech
(2009-10-07)
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The case has already generated reams of documents - millions of pages of allegations and responses. Brad Keller represents plaintiffs who say WaMu executives violated the federal securities act of 1933. He says the bank's leaders, and their outside accountants, repeatedly assured the public that their money was safe when they invested it in WaMu products.
"In fact the real story was quite different," Keller says.
"We believe the evidence will show that management was very much aware of the problems and that the underwriters and the accounting firms were negligent in not ferreting out the real truth at that company and disclosing it to the investing public."
Also suing are WaMu workers who invested in company stocks.
The combined lawsuits have cleared a significant hurdle.
Federal Judge Marsha Pechman is bringing both sides in this massive lawsuit back to court in 3 weeks.
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