On Jan. 7, 2011 the Honorable Marsha J. Pechman granted final approval of the class-action settlement agreement on behalf of eligible beneficiaries of the Washington Mutual Savings Plan.

Case Status
Settled
Position
Co-Lead Counsel
Attorneys
Practice Areas
Court
U.S. District Court for the Western District of Washington
Case Number
07-cv-01906-RSM
Defendant(S)
Washington Mutual
File Date

Hagens Berman Sobol Shapiro filed a class-action lawsuit against Washington Mutual on behalf of all employees participating in the company's 401(k) plan. The suit claimed the company's CEO, board members and all other fiduciaries failed to adequately monitor the plan and advise participants when the company stock investment was no longer prudent. As a result, employee participants suffered total financial losses in excess of $150 million.

The suit sought to represent all WaMu employees whose 401(k) plan accounts include investments in company stock from April 18, 2006, until present.

The suit claimed that under ERISA, fiduciaries were obligated to eliminate imprudent investment vehicles from 401(k) plans and to warn plan participants of risky investments. Fiduciaries were also responsible to restore any losses to the plan resulting from proven mismanagement.

If you have WaMu stock through the company 401(k) plan and would like to find out more about this settlement, you can contact HBSS by sending an e-mail to [email protected].

Eligible WaMu Plan participants who did not enroll in the Chase Plan will receive an election form in the mail, giving you the choice of rolling over your settlement distribution into an eligible retirement account, or receiving a check. If you believe you are a class member, please contact us with your updated address.

CASE TIMELINE

CASE SETTLED

On Jan. 7, 2011 the Honorable Marsha J. Pechman granted final approval of the class-action settlement agreement on behalf of eligible beneficiaries of the Washington Mutual Savings Plan.

Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.