Booted Fannie Execs Sued By Investors

Law360, New York (September 9, 2008, 12:00 AM EDT) -- A Fannie Mae investor is taking four of the company's ousted top executives to task for allegedly concealing the beleaguered mortgage giant's financial troubles in a proposed class action filed the day after the government's historic takeover.

The four ex-executives were sued on Monday in the U.S. District Court for the Southern District of New York for allegedly lying and concealing information about the company's finances in order to artificially inflate its stock prices.

The investors' complaint alleges the defendants violated the Securities and Exchange Act...
To view the full article, register now.

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.