Fannie Shareholders (Pre-Conservatorship) will Reap $170 Million from Settlement
Inside Mortgage Finance - October 27, 2014 - October 28, 2014
Inside Mortgage Finance, By Charles Wisniowski
Fannie Mae will pay $170 million to certain investors to settle a consolidated class action lawsuit that alleges the GSE misrepresented its exposure to subprime loans in the run up to the 2008 mortgage crisis.
The lead plaintiffs in the case include the Massachusetts Pension Reserves Investment Management Board and State Boston Retirement Board, which represent a class of common stockholders. The Tennessee Consolidated Retirement System represents a class of preferred stockholders. The settlement agreement filed late last week in U.S. District Court in Manhattan requires a judge’s approval.
Read the full article: Fannie Shareholders (Pre-Conservatorship) will Reap $170 Million from Settlement