The federal district court judge that called plaintiffs’ original 388-page complaint against Washington Mutual “verbose” and “disorganized” apparently felt they had a point in their rewrite.
The Seattle judge ruled yesterday that most of the claims in the amended complaint — a concise 267 pages — could go forward, The Am Law Litigation Daily reports. (“Plaintiffs,” the judge said, “have substantially edited their initial Complaint, which lacked ‘proper structural organisation and coherent pleading.'”)
The complaint includes allegations of securities violations and states that WaMu relaxed their lending standards and risk management polices to originate more loans. Various WaMu officers and directors and Deloite & Touche are also named as defendants.
Berstein Litowitz is representing the plaintiffs; partner Chad Johnson told AmLaw that they are pleased to be moving forward on their claims against those who “failed in their duty to protect investors from the fraud at WaMu.”
AmLaw also lists the firms and attorneys representing the defendants in the matter:
Simpson Thacher & Bartlett attorneys Barry Ostrager and Rob Pfister for former WaMu officers; Ronald Berenstain of Perkins Coie for former WaMu outside directors; Barry Kaplan of Wilson Sonsini Goodrich & Rosati for former WaMu CEO Kerry Killinger; Peter Wald of Latham & Watkins for Deloitte; and Jonathan Dickey of Gibson Dunn & Crutcher for the underwriters.
That’s a lot of lawyers. And those can be added to the long list of litigators and firms already involved in WaMu collapse-related suits.
In the Washington Mutual holding company suits with the FDIC and JP Morgan, Weil, Gotshal & Manges, led by partner Brian Rosen, and Quinn Emanuel, led by partner Peter Calamari, represent the holding company. JPMorgan is represented by Sullivan & Cromwell, including partners Robert Sacks and Stacey Friedman.
We noted yesterday that when a bankruptcy like the Washington Mutual one occurs, the related litigation usually lasts for years. And during those years an army of lawyers will have continued reason to march. And by march, we mean bill.
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