Key Developments

• Jan. 7, 2008 – Court certifies this action as a Class Action and establishes a class period to run from April 17, 2001 to December 22, 2004. Class Certification Decision.
• Aug. 6, 2007 – Court amends its January 13, 2005 order, confirming that Stanley M. Chesley and Waite, Schneider, Bayless & Chesley, Co., L.P.A. remain as Lead Counsel and substituting William A.K. Titlelman and Bernstein Liebhard & Lifshitz LLP as Co-Lead Counsel.
• July 31, 2007 – Court dismisses state law and certain other claims in the opt-out cases filed by the Frankin and Evergreen mutual fund groups.
• June 21, 2007 – Hearing held on Lead Plaintiffs' Motion for Class Certification.
• Jun. 1, 2007 - Court dismisses a related derivative action against the Fannie Mae board of directors and other defendants.
• May 8, 2007 – Judge Leon grants Goldman Sach's Motion to Dismiss.
• Jan. 24, 2007 – Judge Leon denies KPMG's Motion to Dismiss the Second Amended Complaint.
• Dec. 18, 2006 – OFHEO files its lawsuit against three Ex-Fannie Mae executives to recoup more than $115 million in bonus payments.
• Dec. 6, 2006 – Fannie Mae files restatement with SEC on Form 10-K. Previously reported earnings reduced by $6.3 billion.
• Oct. 23, 2006 – Lead plaintiffs file their Memorandum of Law in Opposition to KPMG's Motion to Dismiss.
• Sept. 28, 2006 – KPMG files their Motion to Dismiss the Second Amended Complaint.
• Aug. 14, 2006 – Lead plaintiffs file their Second Amended Consolidated Class Action Complaint to include defendants KPMG and Goldman Sachs.
• July 25, 2006 – Lead plaintiffs file their Memorandum in Opposition to Fannie Mae and the Individual Defendants Motions to Dismiss the Amended Complaint.
• June 30, 2006 – Individual defendants file their Motions to Dismiss the Amended Complaint.
• June 16, 2006 – Fannie Mae files its Motion to Dismiss the Amended Complaint.
• May 23, 2006 - SEC and OFHEO announce a joint settlement with Fannie Mae for $400 million in civil penalties.
• May 23, 2006 – The Securities and Exchange Commission files its Complaint against Fannie Mae.
• May 17, 2006 – Lead Plaintiffs file their Motion for Class Certification.
• April 17, 2006 – Lead Plaintiffs file their Amended Consolidated Class Action Complaint.
• Feb. 23, 2006 – Former Sen. Warren Rudman releases report on the internal review of Fannie Mae. The investigation blames the former finance chief and controller for the accounting problems and finds that the former CEO “contributed to a culture that improperly stressed stable earnings growth.”
• Feb. 10, 2006 – Judge Leon denies Fannie Mae Defendants' Motions to Dismiss the Complaint.
• Sept. 28, 2005 – Dow Jones reports the discovery of "New and pervasive accounting violations" at Fannie Mae.
• May 3, 2005 – Defendants file their Motions to Dismiss the complaint.
• April 9, 2005 – Fannie Mae discloses that its restatement will not be completed until the second half of 2006.
• March 4, 2005 – Plaintiffs file their Consolidated Class Action Complaint against Fannie Mae and three senior officers.
• Feb. 23, 2005 – Fannie Mae reports that its regulator identified further accounting irregularities, citing violations in virtually every major accounting rule that applies to mortgage finance.
• Jan. 13, 2005 – Judge Leon appoints Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio as Lead Plaintiffs, approving the firm of Waite, Schneider, Bayless & Chesley Co. L.P.A. as Lead Counsel and the firm of Berman DeValerio Pease Tabacco Burt & Pucillo as Co-Lead Counsel. Click here to read the Order.
• Dec. 15, 2004 – The Securities and Exchange Commission orders Fannie Mae to restate its financials from 2001 through mid-2004.
• Nov. 15, 2004 – Fannie Mae reports that its financial restatements for 2001 through 2004 may total an estimated $9 billion – or almost 40% of its previously reported earnings for the period.
• Sept. 30, 2004 – The Wall Street Journal reports that the U.S. Department of Justice and the SEC are investigating Fannie Mae.
• Sept. 22, 2004 – Fannie Mae reveals that its regulator, the Office of Federal Housing Enterprise Oversight ("OFHEO"), found that the mortgage giant and its management had intentionally misapplied accounting rules. OFHEO releases a 198-page report detailing its findings.