Freddie Mac Settlement Gets Preliminary Approval

Law360, New York (July 26, 2006, 12:00 AM EDT) -- Freddie Mac’s $410 million securities class action settlement is closer than ever to going into effect after the judge gave a nod for preliminary approval, the Ohio State Attorney General announced on Tuesday.

The lawsuit stemmed from an accounting scandal where Freddie Mac was accused of misrepresenting billions of dollars in its finances.

Ohio AG Jim Petro has proclaimed a victory for the shareholders and lead plaintiffs, the Ohio Public Employee Retirement System and the Ohio State Teachers Retirement System.

The $410 million will be placed...
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