Freddie Mac Settles ERISA Charges For $4.65M

Law360, New York (August 21, 2006, 12:00 AM EDT) -- Government-sponsored mortgage lender Freddie Mac has agreed to pay $4.65 million to settle charges that the company failed to provide accurate information to officials in charge of its employee 401(k) plan.

The charges will bring an end to a lawsuit filed in the wake of the $5 billion accounting scandal exposed in 2003.

The lawsuit alleged that Freddie Mac violated the Employee Retirement Income Security Act by failing to properly manage its employee retirement fund. Employees of the mortgage giant alleged that the company provided inaccurate...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.