Disgruntled WaMu Shareholders Sue Washington Mutual and JP Morgan Chase

Washington Mutual shareholders sure did incur losses. Practically all of wamu stock is now devalued. Chase got the juice from the deal, snatching devalued assets and client base of Washington Mutual at a bargain price. However, wamu shareholders are not happy and are on a quest to recover their unsecured high risk investments. Not knowing anything about the Safe Harbor Disclosure requirements that warns stock purchasers of the risks involved in investing in securities, common company stock in particular, which is a statement that appears on almost every SEC filing, proxy statement, and press release of every publicly traded company in the US since the Private Securities Litigation Reform Act of 1995, an individual investor, without first waiting for a class certificate and the opportunity to opt out as a class member, filed a Limited jurisdiction law suit in Municipal Court.

Safe Harbor Disclosure warns current and future shareholders of the potential risks associated with securities investing. It typically states that the information provided in a company’s earnings estimates and press releases is not to be deemed accurate and reliable and only presents what the company predicts it will earn going forward. Potentially changing market and economic conditions may affect the earnings significantly and are out of hands of the company’s executive team as well as financial analysts tracking the performance of the company stock.

The growing number of securities fraud law suits against Washington Mutual that have been filed and are moving for a class certificate has prompted investors seek recovery. Securities fraud is a Federal Cause of Action which shall be filed in the Federal Court. Yet, desperate individual investors, not knowing how to proceed and not understanding that their case has no merit, have moved to civil court on alleged damages against Washington Mutual and JP Morgan Chase.

As hilarious as it is, a case recently filed by an individual investor Abtin Shakouri, at Santa Monica Branch of the Superior Court for Los Angeles County is has, in fact been filed in LIMITED jurisdiction, Small Claims Court! Plaintiff contends that JP Morgan Chase took over WaMu (OTC:WAMUQ) for $8.75 per share wiping off Defendant’s stock in the transaction. Here is the case summary from the court record on file.

Case Number: 08A02947

SHAKOURI, ABTIN VS. WASHINGTON MUTUAL BANK

Filing Date: 09/29/2008
Case Type: Small Claims (Limited Jurisdiction)
Filing Court: Santa Monica Courthouse
Status: PENDING
________________________________________
Future Hearings
11/14/2008 at 08:30 AM in department WEQ at 1725 Main Street, Santa Monica, CA 90401
SMALL CLAIMS COURT TRIAL
________________________________________

History Information

Parties
Plaintiff: SHAKOURI ABTIN
Attorney: None
Defendant: WASHINGTON MUTUAL BANK
Attorney: None
Defendant: J.P. MORGAN CHASE NATIONAL CORPORAT
Attorney: None
________________________________________

Party Information

Histories ( Dates listed in descending order)

09/29/2008 PLAINTIFF'S CLAIM AND ORDER TO DEFENDANT FILED.
RN 1081001E8777. HEARING SET FOR 11/14/08 AT 08:30 AM
IN DPT. WEQ.

09/29/2008 COPY OF PLAINTIFF'S CLAIM AND ORDER TO DEFENDANT FOR
SERVICE BY CERTIFIED MAIL ELECTRONICALLY REQUESTED FOR
DEFENDANT(S)
(J.P. MORGAN CHASE NATIONAL CORPORAT)
(WASHINGTON MUTUAL BANK)

Below are the filed summons and complaint. I think this particular case is Judge Judy worthy. Hopefully, the Plaintiff knows how to locate information for agent for service of process for Washington Mutual/Chase