Fannie Mae Settles Securities Fraud Class Action

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Fannie Mae Settles Securities Fraud Class Action

Fannie Mae Settles Securities Fraud Class Action

Legal Times-

A sprawling securities fraud class action against Fannie Mae and its former auditor, KPMG LLP, is coming to a close. The parties filed notice with a Washington federal judge late yesterday that they had reached a settlement in the case.

Fannie Mae and KPMG agreed to pay $153 million to class members—former Fannie Mae shareholders from 2001 to 2004—according to a motion filed yesterday for preliminary court approval of the deal.

Fannie was accused of violating established accounting principles and publishing misleading financial reports and statements. The settlement comes on the heels of a string of losses for the plaintiffs, in which the judge dismissed several former Fannie executives as individual defendants in the case. U.S. District Judge Richard Leon had yet to rule on the defendants’ joint motion for summary judgment.

“The Settlement is the culmination of more than eight years of litigation, and was reached at a time when the Parties to the Stipulation understood the strengths and weaknesses of their respective positions,” the plaintiffs said in their motion for approval of the settlement.

[LEGAL TIMES]

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One Response to “Fannie Mae Settles Securities Fraud Class Action”

  1. Sarah says:

    All was well after 2004? We’ll never know what was happening at Fannie after that.

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