December 06, 2013
A D.C. federal judge approved a $153 million class action settlement Friday for investors who accused housing giant Fannie Mae and accounting firm KPMG LLP of putting out misleading financial reports, the largest such settlement in the D.C. Circuit since 1996.
October 31, 2013
A Fannie Mae investor urged a Washington federal court on Thursday to revise how the mortgage financing giant and KPMG LLP's $153 million class action settlement will be distributed to shareholders before finally approving the agreement, saying there are flaws in the fund's allocation plan.
May 07, 2013
Mortgage financing giant Fannie Mae and accounting firm KPMG LLP on Tuesday agreed to pay $153 million to resolve a shareholder class action accusing them of accounting fraud and violating securities laws by putting out misleading financial reports.
November 21, 2012
A Washington federal judge on Wednesday removed a former Fannie Mae senior vice president and controller from the multidistrict securities litigation over the mortgage giant's $6.3 billion worth of accounting mistakes, saying the plaintiffs failed to show she intentionally misled investors.
October 16, 2012
A Washington federal judge on Tuesday dismissed ex-Fannie Mae Chief Financial Officer J. Timothy Howard from multidistrict securities litigation over the mortgage giant's $6.3 billion worth of accounting mistakes, ruling the plaintiffs had failed to show he intended to deceive investors.
September 20, 2012
A Washington federal judge on Thursday tossed ex-Fannie Mae chief Franklin D. Raines from multidistrict securities litigation over the mortgage giant's $6.3 billion worth of accounting mistakes, saying plaintiffs had no proof he was aware that company financial statements were not compliant with generally accepted accounting principles.
June 05, 2012
Fannie Mae and auditor KPMG LLP on Tuesday told a Washington federal judge that the mortgage giant's $12 billion worth of accounting mistakes don't amount to securities fraud, despite allegations by shareholders in long-running securities multidistrict litigation.
November 14, 2011
The Federal Housing Finance Agency, conservator of Fannie Mae, lost a bid on Monday to stay multidistrict shareholder litigation accusing the mortgage lending giant of overstating its profits by about $12 billion between 2001 and 2004.
August 23, 2011
Fannie Mae, its former brass and auditor KPMG LLP on Monday told the Washington federal judge overseeing multidistrict securities litigation that shareholders failed to show that the mortgage giant's accounting for hedge transactions caused losses in an alleged $12 billion accounting fraud.