D.C. Circ. Lets Fannie Mae Execs Off Hook

Law360, New York (August 8, 2008, 12:00 AM EDT) -- The U.S. Court of Appeals for the District of Columbia Circuit has affirmed the dismissal of a shareholder derivative suit against Fannie Mae's board of directors, ruling that the plaintiffs bungled their pursuit of restitution from the executives at the center of the mortgage lender's 2004 accounting scandal.

On Friday, the D.C. court rejected shareholders' request to reinstate the case, arguing that they had mishandled their claims against former Fannie Mae CEO Franklin D. Raines, Chief Financial Officer J. Timothy Howard and the others by failing...
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