NEW YORK, April 15, 2008 (PRIME NEWSWIRE) -- Beleaguered investors of Washington Mutual Inc. (NYSE:WM) were delivered more bad news by the company in Tuesday's after-hours earnings announcement. The company reported a first-quarter loss of $1.14 billion and indicated that it expects to charge off $12 billion to $19 billion of its $187 billion portfolio of single-family residential home loans in 3 to 4 years.
Litigation on behalf of Washington Mutual employees and 401(k) plan participants has commenced against the company for alleged violations of the Employee Retirement Income Security Act (ERISA) in the United States District Court for the Western District of Washington. If you are an employee of Washington Mutual and wish to discuss the investigation or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537), for more information. There is no cost or fee to you.
Scott+Scott is a law firm with significant experience in prosecuting investor and employee class actions. The firm currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States and represents pension funds, foundations, individuals and other entities worldwide.