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A financial services company has defeated class certification in a Manhattan federal court lawsuit against it 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. The arrangement, according to the plaintiffs, allowed First American to report inflated financial results.

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