NEW YORK, Feb. 18, 2009 (GLOBE NEWSWIRE) -- The following statement was issued today by the law firms of Labaton Sucharow LLP and Barroway Topaz Kessler Meltzer & Check, LLP:
On August 4, 2008, Plaintiffs New Orleans Employees' Retirement System and MARTA/ATU Local 732 Employers Retirement Plan ("Plaintiffs"), institutional investors represented in the case by Labaton Sucharow and Barroway Topaz Kessler Meltzer & Check, filed a Complaint in the King County Superior Court for the State of Washington alleging violations of the federal securities laws by Washington Mutual, Inc., Washington Mutual Bank, WaMu Asset Acceptance Corp., Washington Mutual Mortgage Securities Corp., WaMu Capital Corp., and certain Individual Defendants (No. 08-2-26210-3 SEA). The Complaint was filed on behalf of all purchasers of WaMu Mortgage Pass-Through Certificates (the "Certificates") between January 26, 2006 and November 1, 2007 (the "Class Period") that were issued pursuant and/or traceable to a Registration Statement that WaMu Asset Acceptance Corp. filed with the Securities and Exchange Commission on December 30, 2005, as supplemented on January 3, 2006 (collectively: the "Registration Statement"). The Certificates at issue in the Complaint are related to the following Trusts: WaMu Mortgage Pass-Through Certificates Series 2006-AR1 through Series 2006-AR19 and WaMu Mortgage Pass-Through Certificates Series 2007-HY1 through Series 2007-HY7.
On September 25, 2008, the Office of Thrift Supervision declared Washington Mutual Bank insolvent and appointed the Federal Deposit Insurance Corporation ("FDIC") as its Receiver, and on September 26, 2008, Washington Mutual Inc. filed a voluntary petition for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware. On December 16, 2008, Plaintiffs filed an Amended Complaint in King County Superior Court that excluded Washington Mutual Inc. as a defendant in the case, but retained the allegations from the initial Complaint against all other defendants.
On January 29, 2009, the FDIC, as Receiver for Washington Mutual Bank, filed a Notice of Removal, removing Plaintiffs' case from the King County Superior Court to the United States District Court for the Western District of Washington. The action is now entitled New Orleans Employees' Retirement System v. Federal Deposit Insurance Corporation, as Receiver for Washington Mutual Bank, et al. (No. 2:09-cv-00134-RSM).
On January 12, 2009, the Boilermakers National Annuity Trust Fund ("Boilermakers") filed a Complaint alleging violations of the federal securities laws against Washington Mutual Bank and other defendants, on behalf of all purchasers of Certificates from certain of the above identified Trusts in the United States District Court for the Western District of Washington (No. 2:09-00037-MJP). On January 14, 2009, the Boilermakers published notice of their action to investors, which provided a deadline to seek Lead Plaintiff status in that case by March 16, 2009.
If you purchased the above identified Certificates between January 26, 2006 and November 1, 2007 that were issued pursuant and/or traceable to the Registration Statement, you may qualify to serve as the Lead Plaintiff in this action. If you wish to serve as Lead Plaintiff, you must, no later than March 16, 2009, move the Court to serve as Lead Plaintiff of the class. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed Lead Plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a Lead Plaintiff. Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Plaintiffs seek to recover damages on behalf of class members and are represented in this case by the law firms of Labaton Sucharow and Barroway Topaz Kessler Meltzer & Check, which prosecute class actions in both state and federal courts throughout the country, and have recovered billions of dollars on behalf of investors.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, or to inquire about serving as a Lead Plaintiff in the case, please contact Labaton Sucharow (Alan I. Ellman, Esq.) toll free at (888) 753-2796 or (212) 907-0700, or via e-mail at info@labaton.com, or Barroway Topaz Kessler Meltzer & Check (Darren J. Check, Esq.) toll free at (888) 299-7706 or (610) 667-7706, or via e-mail at info@btkmc.com. For more information about Labaton Sucharow, please visit www.labaton.com. For more information about Barroway Topaz Kessler Meltzer & Check, please visit www.btkmc.com.