Fannie, Freddie Don't Owe Minn. County $5.6M In Deed Taxes

Law360, Los Angeles (February 5, 2014, 4:04 PM EST) -- The Eighth Circuit refused Wednesday to revive a putative class action in which Minnesota's Hennepin County tried to collect up to $5.6 million in unpaid excise taxes from Fannie Mae and Freddie Mac, ruling that the agencies were exempt from paying them.

Affirming a Minnesota federal judge's dismissal of the county's claims, a three-judge panel said the Minnesota deed transfer tax fell within the broad tax exemption detailed in the charters that established the federal agencies.

Hennepin County, which filed the class action on behalf of...
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