SOURCE: Tramont, Guerra & Nunez, P.A.

June 22, 2009 18:00 ET

The Securities Law Firm of Tramont Guerra & Nunez, PA Announces Class Action Ruling for Washington Mutual Complaint Results in Delay

CORAL GABLES, FL--(Marketwire - June 22, 2009) - The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to all Washington Mutual (PINKSHEETS: WAMUQ) investors who are prospective class members of class action lawsuit (Case No. 08 CV 0387) filed in the U.S. District Court for the Southern District of New York . On May 15, 2009, Judge Marsha J. Pechman dismissed several of the claims on the grounds that they failed to meet the requirements under the Private Securities Litigation Reform Act ("PSLRA"). PSLRA rules require all class action complaints meet certain standards, which in this instance resulted in a delay in the case. The Underwriter Defendants who were named in the class action include: Citigroup Global Markets, Inc. (NYSE: C), Morgan Stanley & Co, Inc. (NYSE: MS), Goldman Sachs & Co. (NYSE: GS), UBS Securities, LLC (NYSE: UBS) and Banc of America Securities, LLC. (NYSE: BAC). Prospective class members should consider whether an individual securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA) is more effective than a class action for recovery of their investment losses.

Many investors were advised that Washington Mutual Stock was suitable for current income investment objectives. In some instances, individuals maintained concentrated positions in the banking sector that exposed them to unnecessary risk. Brokerage firms are obligated to give and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with the FINRA regulations. Recommendations of unsuitable investments and/or concentrated investments in the financial sector are both causes of action that form the basis for individual securities arbitration claims filed with FINRA. Securities arbitration claims arise from sales practice rule violations, as set forth by FINRA.

The Securities Law Firm of Tramont Guerra & Núñez, PA, is a nationally recognized, Martindale Hubbell "AV" rated securities law firm. To request a confidential consultation from a TGN attorney to assist you in determining whether you have a viable individual claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on stock market loss lawyer. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.

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