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Rating:Lawyers Hunt for More Plaintiffs in WM Funds Suit Not Rated 1.7 Email Routing List Email & Route  Print Print
Tuesday, November 13, 2007

Lawyers Hunt for More Plaintiffs in WM Funds Suit

Reported by Erin Kello

San Diego-based law firm Finkelstein & Krinsk is searching for more plaintiffs in the class action lawsuit it filed against Washington Mutual in February of this year. The suit centers around claims by the first plaintiff, Luz M. Zapien, that Washington Mutual did not disclose revenue-sharing agreements used to sell its proprietary WM Funds.

The complaint alleges the WM Group of funds issued "materially false and misleading information in the mutual fund prospectuses, which impeded investor access to alternative funds and superior returns."

The Principal Group, which acquired the WM Funds in a deal that closed in December of 2006, is also named as a defendant in the lawsuit.

The most recent hearing in the case, held on November 11, was to hear a motion to dismiss by Washington Mutual and the other defendants. No ruling has been made on the motion thus far and no other hearings have been scheduled.  

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