Freddie Mac wins dismissal of shareholder lawsuit

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Freddie Mac wins dismissal of shareholder lawsuit

Freddie Mac wins dismissal of shareholder lawsuit

Reuters-

A federal judge has again dismissed a lawsuit accusing Freddie Mac of misleading shareholders by understating its subprime mortgage exposure and overstating its capital strength ahead of the 2008 financial crisis.

U.S. District Judge John Keenan in Manhattan said the allegations made in an amended lawsuit failed to show that Freddie Mac officials, including former Chief Executive Richard Syron, intended to mislead shareholders, or withheld significant information from them.

He also said Freddie Mac had made a “bevy of truthful disclosures” about its credit and risk exposures during the period covered by the lawsuit, including over loans it guaranteed and its activities in nontraditional markets.

[REUTERS]

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