Freddie Mac Dodges Securities Class Action

Law360, New York (March 31, 2011, 3:29 PM EDT) -- A New York federal judge tossed a proposed class action Wednesday against government-backed mortgage buyer Freddie Mac, ruling that the pension funds that brought the case hadn't explained why alleged misrepresentations by company executives were false.

The plaintiffs, led by a multistate Teamsters pension fund, hadn't pled enough to show that the Federal Home Loan Mortgage Corp., popularly known as Freddie Mac, and its executives had misled investors about the company's financial footing and involvement in the subprime mortgage market, according to Judge John F. Keenan...
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