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Nationwide Class Action filed against Metropolitan Mortgage & Securities Co., Inc., alleging Metropolitan deceptively and fraudulently marketed its securities as a safe retirement investment.

SPOKANE, WASHINGTON-January 20, 2004.

A nationwide class action lawsuit has been commenced in the United States District Court, Eastern District of Washington against Metropolitan Mortgage & Securities Co., Inc., relating to its sales of Metropolitan Securities (stocks and debentures) to investors. The action alleges that Metropolitan marketed its Securities as a safe retirement investment, when in fact, there was significant risk associated with its Securities. The action further alleges that Metropolitan was deceptive in its representations as to its financial condition. The Complaint seeks, among other things, restitution to members of the Class.

The class action Complaint was brought on behalf of all persons who purchased or held a beneficial interest in Metropolitan Securities between January 1, 2001, and November 3, 2003.

The Complaint asks the Federal Court to award recovery and restitution to Class members, damages, rescission, costs and attorneys' fees, appointment of a receiver, equitable and/or constructive trusts to preserve and administer the Plaintiffs' and Class's investments and properties, an order barring the Defendants from soliciting investments from the public in the future, and such other relief as the Court deems appropriate.

The lawsuit was filed by attorneys Darrell W. Scott and Robert J. Crotty, of the law firm of Lukins & Annis, P.S., of Spokane, Washington; attorneys Elizabeth J. Cabraser, Richard M. Heimann, Robert J. Nelson, and Fabrice N. Vincent of the law firm of Lieff Cabraser Heimann & Bernstein, LLP, San Francisco, California; and attorneys Kim Stephens, David Hoff, and Beth Terrell, of the law firm of Tousley Brain Stephens, PLLC, Seattle, Washington.

FACT SHEET
  • Plaintiffs: The Plaintiffs in the class action are Esther Hall, Deanette Rae Hall, Diane Marie Hall, Matthew Owen Wolohan, and Bernard Turner and Gloria Turner, each individually and on behalf of all others similarly situated.
  • Defendants: Defendants in the class action are Metropolitan Mortgage & Securities Co., Inc., a Washington corporation; C. Paul Sandifur, Jr.; William Smith; Reuel Clarion Swanson; Irv Marcus; Harold W. Erfurth; Gary Brajcich; Samuel H. Smith; John Trimble; and William D. Snider.
  • Court: The suit was filed at the close of business on January 20, 2004, in the United States District Court, Eastern District of Washington.
Contact Attorney:
Darrell W. Scott of Lukins & Annis, P.S., in Spokane, Washington; (509) 455-9555.


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