Fund Says $153M Fannie Mae, KPMG Deal Needs Retooling
By Erica Teichert
Law360, Washington (October 31, 2013, 2:52 PM ET) -- A Fannie Mae investor urged a Washington federal court on Thursday to revise how the mortgage financing giant and KPMG LLP's $153 million class action settlement will be distributed to shareholders before finally approving the agreement, saying there are flaws in the fund's allocation plan.
The $153 million settlement agreement, which was announced in May, resolves a shareholder class action accusing Fannie Mae and KPMG of accounting fraud and violating securities laws by putting out misleading financial reports.
According to Cafco-Large Cap Funds LP, the current...