Fannie Investors Can't Revive Suit Against Deloitte

Law360, New York (April 27, 2017, 9:11 PM EDT) -- A Florida federal judge on Thursday rejected a request by Fannie Mae shareholders to reconsider his decision to kill their lawsuit against Deloitte & Touche LLP, saying they waited too long to raise a new argument and cited irrelevant case law.

The shareholders, who blame Deloitte for bad analysis that led to Fannie’s federal bailout, asked U.S. District Judge Robert Scola Jr. last month to reconsider his decision to replace them as plaintiffs with the Federal Housing Finance Agency after he concluded that a 2008 bailout law only gave the government the power to sue on behalf of Fannie itself, a...

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