In re Washington Mut. Inc.

Claim based on sale of trust certificates was not subject to subordination where certificates were not securities of debtor or affiliate.
Procedural posture: 
Before the court was debtor's objection to the claim filed by a claimant. The crux of the issues presented was whether the claimant had properly pleaded a claim and if that claim should be subordinated. The claimant alleged that a subsidiary of a bank owned by debtor solicited, offered, and sold trust certificates to the claimant pursuant to offering documents containing material misrepresentations and omissions.
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Commercial case opionion summary, case decided on December 20,2011, LexisNexis #0112-084