According to a press release a law firm is currently on behalf purchasers of Washington Mutual, Inc 5.5% Notes Due August 24, 2011 during the period October 19, 2005 through July 23, 2008, seeking remedies under the Securities Act of 1933 and Securities Exchange Act of 1934.

According to the press release a class action has been commenced in the United States District Court for the Western District of Washington on behalf of shareholders who purchased or otherwise acquired Washington Mutual common stock during the Class Period, but no representatives of purchasers of 5.5% Notes have stepped forward. The complaint on behalf of common shareholders of Washington Mutual charges that between October 19, 2005 through July 23, 2008 Washington Mutual improperly exerted pressure on a third-party appraisal firm, eAppraiseIT (a division of the First American Corporation), to inflate the appraised value of homes used as collateral for loans originated by Washington Mutual. Washington Mutual allegedly failed to disclose this scheme, which violated federal and state laws and regulations requiring an independent appraisal process and the inflated appraisals caused Washington Mutuals financial results to be misstated, including causing its loan assets to be overstated while its provision for doubtful accounts and reserves for loan losses were materially understated.Then on October 17, 2007, so the press release, Washington Mutual revealed that its anticipated fourth quarter 2007 writedowns of home loan assets would be $1.3 billion greater than previously disclosed and these writedowns were caused, at least in part, by the impairment of loan assets that were originated based on the inflated appraisals fraudulently orchestrated by the defendants. On November 1, 2007, the Attorney General for the State of New York filed a lawsuit against First American Corporation and eAppraiselT, alleging their complicity in a scheme to provide inflated appraisals to Washington Mutual and after this news Washington Mutual gradually disclosed the extent of its fraud to the market, causing 5.5% Notes to lose significant value throughout the Class Period; 5.5% Notes are currently in default, so the investigation.