FHFA Can't Stave Off $12B Fannie Mae Fraud MDL

Law360, New York (November 14, 2011, 4:58 PM EST) -- The Federal Housing Finance Agency, conservator of Fannie Mae, lost a bid on Monday to stay multidistrict shareholder litigation accusing the mortgage lending giant of overstating its profits by about $12 billion between 2001 and 2004.

In a text-only order, U.S. District Judge Richard J. Leon denied the Oct. 7 motion, which argued that the plaintiffs were unlikely to collect damages and that the litigation was a misuse of taxpayers' money.

“Fannie Mae owes its very existence today to the extraordinary and continuing massive financial support...
To view the full article, register now.

Related

Sections

Case Information

Case Title

In Re FANNIE MAE SECURITIES LITIGATION


Case Number

1:04-cv-01639

Court

District Of Columbia

Nature of Suit

Securities/Commodities

Judge

Richard J. Leon

Date Filed

September 23, 2004

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.