WaMu Mortgage Pass-Through Certificates Series 2005/2006/2007 Investor Securities Class Action Lawsuit 04/11/2012

If you purchased or otherwise acquired pass-through certificates from any of the following residential mortgage-backed securities trusts: WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust, WaMu 2005-AR17 Trust, WaMu 2005-AR19 Trust, WaMu 2006-AR2 Trust, WaMu 2006-AR6 Trust, WaMu 2006-AR7 Trust, WaMu 2006-AR8 Trust, WaMu 2006-AR9 Trust, WaMu 2006-AR10 Trust, WaMu 2006-AR11 Trust, WaMu 2006-AR12 Trust, WaMu 2006-AR13 Trust, WaMu 2006-AR14 Trust, WaMu 2006-AR15 Trust, WaMu 2006-AR16 Trust, WaMu 2006-AR17 Trust, WaMu 2006-AR18 Trust, WaMu 2006-AR19 Trust, WaMu MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES (“WMALT”) 2005-9 Trust, WMALT 2006-1 Trust, WMALT 2006-2 Trust, WMALT 2006-3 Trust, WMALT 2006-4 Trust, WMALT 2006-5 Trust, WMALT 2006-6 Trust, WMALT 2006-7 Trust, WMALT 2006-8 Trust, WMALT 2006-9 Trust, WMALT 2006-AR1 Trust, WMALT 2006-AR2 Trust, WMALT 2006-AR3 Trust, WMALT 2006-AR4 Trust, WMALT 2006-AR5 Trust, WMALT 2006-AR6 Trust, WMALT 2006-AR7 Trust, WMALT 2006-AR8 Trust, WMALT 2006-AR9 Trust, WMALT 2006-AR10 Trust, WAMU 2007-OA3 Trust, WAMU 2007-OA4 Trust, WAMU 2007-OA5 Trust, WMALT 2007-OA3 Trust, WMALT 2007-HY2 Trust, WAMU 2007-HY1 Trust, WAMU 2007-HY2 Trust, WAMU 2007-HY3 Trust, WAMU 2007-HY4 Trust, WAMU
2007-HY5 Trust, WAMU 2007-HY6 Trust, AND WAMU 2007-HY7 Trust, you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Washington Mutual
Case Name: 
WaMu Mortgage Pass-Through Certificates Series 2006/Series 2007 Shareholder Class Action Lawsuit 04/11/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/11/2012
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
11/10/2014
Settlement Amount: 
$69,000,000
Deadline to Participate in Settlement: 
04/20/2015
Summary: 

The settlement for this class action includes the following securities:

WaMu Mortgage Pass-Through Certificates WaMu Series:
WaMu 2005-AR15 Trust
WaMu 2005-AR17 Trust
WaMu 2005-AR19 Trust
WaMu 2006-AR2 Trust
WaMu 2006-AR6 Trust
WaMu 2006-AR7 Trust
WaMu 2006-AR8 Trust
WaMu 2006-AR9 Trust
WaMu 2006-AR10 Trust
WaMu 2006-AR11 Trust
WaMu 2006-AR12 Trust
WaMu 2006-AR13 Trust
WaMu 2006-AR14 Trust
WaMu 2006-AR15 Trust
WaMu 2006-AR16 Trust
WaMu 2006-AR17 Trust
WaMu 2006-AR18 Trust
WaMu 2006-AR19 Trust
WaMu Mortgage Pass-Through Certificates WMALT Series
WMALT 2005-9 Trust
WMALT 2006-1 Trust
WMALT 2006-2 Trust
WMALT 2006-3 Trust
WMALT 2006-4 Trust
WMALT 2006-5 Trust
WMALT 2006-6 Trust
WMALT 2006-7 Trust
WMALT 2006-8 Trust
WMALT 2006-9 Trust
WMALT 2006-AR1 Trust
WMALT 2006-AR2 Trust
WMALT 2006-AR3 Trust
WMALT 2006-AR4 Trust
WMALT 2006-AR5 Trust
WMALT 2006-AR6 Trust
WMALT 2006-AR7 Trust
WMALT 2006-AR8 Trust
WMALT 2006-AR9 Trust
WMALT 2006-AR10 Trust
WAMU 2007-OA3 Trust
WAMU 2007-OA4 Trust
WAMU 2007-OA5 Trust
WMALT 2007-OA3 Trust
WMALT 2007-HY2 Trust
WAMU 2007-HY1 Trust
WAMU 2007-HY2 Trust
WAMU 2007-HY3 Trust
WAMU 2007-HY4 Trust
WAMU 2007-HY5 Trust
WAMU 2007-HY6 Trust
AND
WAMU 2007-HY7 Trust

March 16, 2015 - The court approved the settlement and the motion for attorneys’ fees and expenses.

March 12, 2015 - The court entered the orders approving the plan of allocation and dismissed the action with prejudice.

November 10, 2014 - The court preliminarily approved the settlement.

November 7, 2014 - Parties filed a stipulation of settlement.

November 1, 2013 - The plaintiffs filed a consolidated third amended complaint.

October 21, 2013 - The cases were consolidated.

August 23, 2013 - Another investor filed a complaint.

May 6, 2013 - The court denied the defendants' motion to dismiss.

February 4, 2013 - The defendants filed a motion to dismiss.

January 15, 2013 - The plaintiffs filed a second amended complaint.

January 4, 2013 - The plaintiffs filed an amended complaint.

December 8, 2012 - The court granted in part and denied in part the defendants' motion to dismiss.

June 1, 2012 - The defendants filed a motion to dismiss.

April 11, 2012 - An investor in the following Washington Mutual Mortgage Pass-Through Certificates; WaMu 2007-0A4, WaMu 2007-0A5, WaMu 2007-0A6, WMALT 2007-0A4, WMALT 2007-0A5, WMALT 2007-0C1, WMALT 2007-0C2, WMALT 2007-3, WMALT 2006-4 and WMALT 2006-5 filed a lawsuit in the U.S. District Court for the Southern District of New York against Bank of America, NA and US Bank National Association in their capacity as the Trustee for 41 substantially similar trusts in which plaintiffs invested, and that own residential Mortgage Loans that were originated or acquired by Washington Mutual Bank or its affiliates and then bundled together and sold to investors as Washington Mutual Bank mortgage backed securities (WaMu MBS).

The complaint alleges that the defendants knowingly and/or recklessly engaged and participated in a continuous course and scheme of deceitful conduct to inflate the value of appraisals to close more home loans so that they could increase the volume and value of the loans they were selling to plaintiff and investors as securitized Mortgage Backed Securities (MBS). The defendants engaged in acts, practices and a course of conduct that included misrepresenting the true nature of appraisals performed on properties serving as collateral for the MBS sold to investors and they made, or participated in making, untrue and misleading statements of material fact and omitted to state material facts necessary to make their statements not misleading. The purpose and effect of these deceitful schemes was to induce investors to rely upon the overstated ratings, understated LTV ratios and other false information regarding the loan underwriting and appraisal procedures employed by defendants.

The complaint further claims that the defendants had actual knowledge of the misrepresentations and omissions of material facts, or acted with reckless disregard for the truth of those misrepresentations made in connection with the offering and selling of the Certificates to the public. The defendants knowingly and recklessly misrepresented the risks and true nature of the collateral supporting the Certificates, which was included in the Registration Statement and Prospectus Supplements for each series of the Certificates and material to investors' purchases of the Certificates.