Hagens Berman Investigates Washington Mutual Mortgage-Backed Securities Not Covered by Class Certification

BERKELEY, Calif., Oct. 28, 2011 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP today announced that it is investigating bringing lawsuits on behalf of investors in Washington Mutual's (OTC: WAMUQ) ("WaMu") mortgage-backed securities ("MBS") after a federal judge refused to certify a class representing all tranches of the following certificates: 2006 AR-7, 2006 AR-12, 2006 AR-16, 2006 AR-17, 2006 AR-18, 2007-HYI.

The case, filed in the United States District Court for the Western District of Washington in Seattle, alleged that WaMu misled investors regarding the quality of the loans underlying the MBS.

Judge Marsha J. Pechman certified the class-action lawsuit on October 21, 2011, ruling that plaintiffs representing 13 tranches of MBS could pursue their case against the former banking giant.

However, the judge did not certify an additional 110 other tranches of MBS because the plaintiffs in the case did not purchase those tranches.

Hagens Berman is investigating this issue further and is willing to speak with investors who purchased the additional tranches of MBS the lawsuit had identified, including the following WaMu Mortgage Pass-through certificates:

• 2006 AR-7 other than tranche 1A
• 2006 AR-12 other than tranche 1A1
• 2006 AR-16 tranches 2A1, LB1, LB2, LB3, 3B1, 3B2, and 3B3
• 2006 AR-17 other than  tranche 1A
• 2006 AR-18 other than tranche 2A1
• 2007-HYI tranches other than 1A1 and 3A3

The firm is investigating whether individuals who purchased these MBS may have a legal claim if brought separately in a new lawsuit.

Investors and others who purchased these MBS are encouraged to contact partner Reed R. Kathrein, who is leading the firm's investigation. Mr. Kathrein can be reached at (510) 725-3000 or via email at [email protected]. Investors can also learn more about this investigation at www.hbsslaw.com/WaMuMBS.

Persons with knowledge that may help the investigation are encouraged to contact the firm. The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.

About Hagens Berman

Seattle-based Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in ten cities. Founded in 1993, the firm's mission is to represent plaintiffs in class actions and multi-party, large-scale litigation that has the potential to protect the rights of investors, consumers, workers and the environment. The National Law Journal has rated Hagens Berman as one of the top plaintiffs' firms in the country four out of the last five years. More information about the firm is available at www.hbsslaw.com, and the firm's securities law blog is at www.meaningfuldisclosure.com.

Media Contact: Mark Firmani, Firmani + Associates Inc., 206.443.9357 or [email protected]

SOURCE Hagens Berman