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Wall St. Struggles To Fend Off Fannie, Freddie Fraud Suits

Law360, New York (December 13, 2011, 6:56 PM EST) -- A New York federal judge on Monday rejected the lead case selected by Wall Street banks looking to dismiss the U.S. government’s allegations that they lied to Fannie Mae and Freddie Mac about the quality of tens of billions of dollars' worth of residential mortgage-backed securities.

U.S. District Judge Denise Cote ordered counsel for the defendants — JPMorgan Chase & Co., Goldman Sachs Group Inc., Ally Financial Inc. and numerous other banks — to choose another case among the slew of lawsuits presently before the court as they move to dismiss the fraud allegations.

“Counsel for Federal Housing Finance Agency and...

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