ESOP Required Investment In Fannie Mae: Plan Leaders

Law360, New York (November 3, 2009, 5:46 PM EST) -- Fannie Mae benefit plan committee members have asked a federal judge to dismiss a consolidated proposed class action alleging they violated the Employee Retirement Income Security Act by investing in Fannie Mae stock, saying the plan did not give them discretion to alter investments.

In three motions filed Monday in the U.S. District Court for the Southern District of New York, the defendants argued that the complaint should be dismissed because they didn't have the discretion to discontinue the employee stock ownership plan's investment in Fannie...
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