Bid Fails for Class Certification in Subprime Securities Case
A financial services company has defeated class certification in a New York federal lawsuit involving subprime securities. The defendant, First American subsidiary eAppraiseIT, conducted home appraisals in connection with Washington Mutual mortgage loans. First American shareholders, led by the Berks County, Pa., Employees' Retirement Fund, alleged that eAppraiseIT routinely overvalued homes so WaMu could close mortgage deals.
