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Fannie Mae Pays $170M To Clear Investors' Subprime Suit

Law360, Los Angeles (October 24, 2014, 8:05 PM EDT) -- Fannie Mae has agreed to pay $170 million to shareholders to settle a consolidated class action alleging the federal mortgage giant misrepresented its exposure to subprime loans in the runup to the 2008 mortgage crisis, according to documents filed in New York federal court Friday.

Lead plaintiffs the Massachusetts Pension Reserves Investment Management Board and State Boston Retirement Board, representing a class of common stockholders, and Tennessee Consolidated Retirement System, representing a class of preferred stockholders, on Friday filed a motion for preliminary approval of the...
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