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Banking

Mar. 27, 2009

Monterey County Says WaMu Misled Investors About Loans

Monterey County lost about $20 million when Washington Mutual, one of nation's largest banks, allegedly misled investors into believing the company was handling high-quality loans and using valid risk assessments, according to a complaint filed in San Francisco County Superior Court.

By Dhyana Levey
Daily Journal Staff Writer

SAN FRANCISCO - Monterey County lost about $20 million when Washington Mutual, one of nation's largest banks, allegedly misled investors into believing the company was handling high-quality loans and using valid risk assessments, according to a complaint filed in San Francisco County Superior Court.

The lawsuit, brought by Monterey County's treasurer, accuses about a dozen Washington Mutual Inc. executive...

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