Former Exec Settles Pay Dispute With Fannie Mae

Law360, New York (November 15, 2006, 12:00 AM EST) -- Former Fannie Mae executive Franklin Raines, who left the company two years ago amid allegations that he inflated earnings statements, recently agreed to a settlement with the financing company over part of his pay.

In documents filed Tuesday with the U.S. Securities and Exchange commission, government-sponsored mortgage conglomerate Fannie Mae revealed it will pay Raines approximately $2.6 million of deferred compensation in one lump sum.

The settlement was reached by the two parties last week and approved by an arbitrator on Sunday.

Raines, who was forced...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.