Washington Mutual

A class action lawsuit has been filed against the financial firm and its subsidiary companies alleging that it knowingly deceived retail investors by steering them to Washington Mutual's own portfolio of mutual funds, which were less attractive than alternative funds. The lawsuit claims Washington Mutual had an undisclosed preferred list of funds and issued materially misleading disclosures and omissions regarding side agreement designed to improperly boost Washington Mutual Financial Services. The class action lawsuit was filed in the United States District Court for the Southern District of California on behalf of purchasers and sellers of Washington Mutual's proprietary mutual funds.