5th Circ. Says Fannie Shareholder's Claim Belongs In CFC

Law360, Washington (June 20, 2017, 7:18 PM EDT) -- A Fannie Mae and Freddie Mac stakeholder who holds roughly $1 million in noncumulative preferred shares must bring his claims of regulatory taking related to the wind-down of the mortgage insurers in the Court of Federal Claims, the Fifth Circuit ruled Monday.

Michael Sammons had attacked on constitutional grounds the Tucker Act, which grants exclusive jurisdiction to the CFC over all claims against the government in excess of $10,000, claiming the law violates Article III of the Constitution by giving the CFC, an Article I court, jurisdiction over Article III constitutional takings claims.

Citing previous case law, the Fifth Circuit rejected...

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