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Fannie Mae Accused Of Billion-Dollar Fraud Scheme

Law360 (January 19, 2006, 12:00 AM EST) -- A group of institutional investors has accused Fannie Mae, the largest non-bank financial services company in the world, of engineering “a scandal of tremendous proportions” in which investors collectively lost $48 million as a result of the company’s fraudulent financial disclosures.

The suit, filed by Evergreen Equity Trust, claims the restatement of previously filed financial statements will have an approximate $12 billion impact in a scheme of financial deception that is “second only to WorldCom in terms of sheer dollar amounts.”

Evergreen is seeking $50 million...
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