Pension Funds Take Aim At Fannie Mae Fraud Priority Rule

Law360, New York (August 29, 2011, 3:12 PM EDT) -- A pair of pension funds sued the conservator for Fannie Mae in Washington on Friday in hopes of voiding a rule that relegates securities fraud claims to the lowest priority in Fannie Mae's receivership.

The Public Employees Retirement System and the State Teachers Retirement System of Ohio claim that the conservator — the Federal Housing Finance Agency — lacked the authority to promulgate the rule. The agency's acting director, Edward DeMarco, has not been officially named to the post in violation of the appointments clause of...
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