Summary Notice of Pendency and Proposed Settlements of Class Action in the Washington Mutual, Inc. Securities Litigation Published by Bernstein Litowitz Berger & Grossmann LLP

NEW YORK, Aug. 23, 2011 /PRNewswire/ -- The following statement is being published by Bernstein Litowitz Berger & Grossmann LLP regarding the Washington Mutual, Inc. Securities Litigation.

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENTS, (II) SETTLEMENT FAIRNESS HEARING, AND (III) MOTION FOR ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:  All persons and entities who purchased or acquired any of the following securities (the "WMI Class Securities") issued by Washington Mutual, Inc. ("WMI") or its subsidiaries during the period from October 19, 2005 to July 23, 2008 and were damaged thereby:

• WMI common stock (CUSIP 939322103);
• Floating Rate Notes due August 24, 2009, offered in August 2006 (CUSIP 939322AW3);
• 7.250% Subordinated Notes due November 1, 2017, offered in October 2007 (CUSIP 939322AY9);
• 7.75% Series R Non-Cumulative Perpetual Convertible Preferred Stock, offered in December 2007 (CUSIP 939322814); and
• Washington Mutual Capital Trust 2001's 5.375% Trust Preferred Income Equity Redeemable Securities (PIERS) Units, maturing July 1, 2041 (CUSIP 939322848).

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of Washington, (i) that the above-captioned litigation (the "Action") has been certified as a class action on behalf of all persons and entities who purchased any WMI Class Securities from October 19, 2005 to July 23, 2008 and were damaged thereby (the "Class"), except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulations of Settlement in the Action; and (ii) that Lead Plaintiff in the Action has reached proposed settlements with the Individual Defendants for $105 million in cash whereby WMI is also a Settling Defendant; with the Underwriter Defendants for $85 million in cash; and with WMI's former auditor, Deloitte & Touche LLP for $18.5 million in cash for a total settlement amount of $208.5 million in cash, plus interest thereon if all the Settlements are approved by the Court (collectively, the "Settlements").

A hearing will be held on November 4, 2011 at 9:00 a.m. before the Honorable Marsha J. Pechman, at the United States District Court for the Western District of Washington, United States Courthouse, 700 Stewart Street, Seattle, Washington, to determine (i) whether the proposed Settlements should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against the Settling Defendants in the respective Settlements, and the releases specified and described in the respective Stipulations of Settlement should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlements, and you may be entitled to share in the Settlement Funds.  If you have not yet received the full printed Notice of (I) Pendency of Class Action and Proposed Settlements, (II) Settlement Fairness Hearing, and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator:  In re Washington Mutual, Inc. Securities Litigation, c/o The Garden City Group, Inc., Claims Administrator, P.O. Box 91310, Seattle, WA 98111-9410, (888) 588-3788.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.WashingtonMutualSecuritiesLitigationSettlement.com, or from Lead Counsel's website, www.blbglaw.com.  

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlements, you must submit a Claim Form postmarked no later than December 8, 2011.  If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of any of the Settlements but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.    

If you are a Class Member and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than October 10, 2011, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of any of the Settlements.  

Any objections to the proposed Settlements, the proposed Plan of Allocation, or Lead Counsel's application for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and counsel for the Settling Defendants such that they are received no later than October 10, 2011, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice, may be made to Lead Counsel:

Hannah G. Ross, Esq.
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
1285 Avenue of the Americas
New York, NY 10019
(800) 380-8496
www.blbglaw.com

By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP