Hagens Berman Sobol Shapiro Cases

Metropolitan Securities Litigation

Date Filed: August 10, 2006

Court: U.S. District Court

Location: Spokane, Washington

In December 2004, attorneys representing thousands of purchasers of securities issued by Metropolitan Mortgage & Securities Company, Inc. ('Metropolitan') and Summit Securities, Inc. ('Summit'), both of which are in bankruptcy, filed an amended complaint in the United States District Court for the Eastern District of Washington.

The suit claims that certain officers and directors of Metropolitan and Summit, as well as certain professional organizations which provided services to Metropolitan and Summit, violated federal and state securities laws in connection with the sale of those securities.

RECENT DEVELOPMENTS:

August 1, 2006 - The Court preliminarily approved a settlement with certain of the individual Metropolitan and Summit defendants and certified a settlement class with respect to those settlements.

To review the notice of the settlements approved by the Court, click here.
To review the settlement agreement with the Metropolitan defendants, click here.
To review the settlement agreement with the Summit defendants, click here.

November 25, 2008 - Today the court approved a class for Metropolitan Mortgage & Securities Company investors. Judge Fred Van Sickle granted plaintiffs' motion to certify claims arising under the federal securities laws. You can view the Judge's ruling here.