Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files a Class Action Lawsuit Against Washington Mutual, Inc. and Bank United Corporation.

SEATTLE--(BUSINESS WIRE)--Aug. 3, 2001

A class action lawsuit has been filed in the Pierce County Superior Court, Washington, on behalf of borrowers for whom Bank United performed mortgage loan servicing.

The complaint alleges that defendants engaged in deceptive, unfair and oppressive business practices directed at mortgage loan borrowers, and breached the mortgage loan contracts which govern their mortgage loan servicing transactions. These practices include failing to post payments received from borrowers in a timely fashion and then charging the borrower a "late charge" and additional interest; imposing improper "property inspection" charges; and failing to respond to borrower complaints or remove improper charges assessed on borrowers.

The complaint seeks an order that defendants pay back profits improperly derived from deceptive and unfair business practices, and that those amounts be distributed to those who have been harmed. The complaint charges Washington Mutual, Inc. (NYSE:WM), Bank United Corporation and Bank United of Texas, FSB with violations of the Washington Consumer Protection Act, breach of contract, and breach of the duty of good faith and fair dealing. Washington Mutual, Inc. acquired Bank United Corporation and its wholly-owned subsidiary, Bank United of Texas, FSB, on February 8, 2001.

Bank United operates one of the 25 largest residential mortgage loan servicing business in the United States. As of September 30, 1999, Bank United's single family mortgage servicing portfolio totaled $30.9 billion.

Cohen Milstein has been involved in many consumer fraud class actions, including the current lawsuits concerning automobile tires, defective televisions, and those against the makers of diet drugs known as "Fen-Phen." The firm is on the Plaintiffs' Management Committee for these diet drug litigations and participated in negotiating the $4 billion settlement with the manufacturers of the drugs.

If you wish to discuss this case or have any other questions about your rights as a consumer, please contact Tamara Driscoll of Cohen Milstein's Seattle office via telephone at 888/240-1238 or 206/521-0080 or Lisa M. Mezzetti of the firm's Washington D.C. office at 888/240-0775 or 202/408-4600. We can also be reached via e-mail at tdriscoll@cmht.com or lmezzetti@cmht.com.

For more information, please contact us at lawinfo@cmht.com.