Fannie Mae Securities Litigation Website

August 18, 2011 - Lead Plaintiffs file Motion for Partial Summary Judgment Against KMPG
August 16, 2011 - Lead Plaintiffs file Motion for Partial Summary Judgment Against Fannie Mae
May 26, 2011 - Expert discovery is completed
April 29, 2010 - Fact discovery is completed after over 67 million pages of documents are produced and 123 fact depositions taken
Jan. 7, 2008 - Court certifies this action as a Class Action and establishes the Class Period to run from April 17, 2001 to December 22, 2004.
July 31, 2007 - Court dismisses state law and certain other claims of opt-out plaintiffs Evergreen and Franklin.


Home Complaint (PDF) Parties Court Orders Settlements Case Background Key Developments Contact Class Counsel
	This website provides information about the consolidated securities class action captioned In Re: Fannie Mae Securities Litigation, Case No. 1:04-CV-01639, pending before Judge Richard J. Leon in the U.S. District Court for the District of Columbia. The defendants are Fannie Mae (a/k/a Federal National Mortgage Association), Franklin Raines (former COB and CEO), Timothy Howard (former CFO), Leanne Spencer (former Controller) and KPMG LLP (Fannie Mae’s former auditor). The Ohio Public Employees Retirement System (OPERS) and State Teachers Retirement System of Ohio (STRS) are lead plaintiffs in the case. The complaint alleges that defendants violated the Securities Exchange Act of 1934, as amended, by intentionally violating accounting rules and/or engaging in other misconduct to distort Fannie Mae's financial results and deceive investors. In December 2006, Fannie Mae filed a restatement of its previously issued financial statements which wiped out $6.3 billion of its previously reported earnings. On January 7, 2008, the Court certified a class comprised of all purchasers of the publicly traded common stock and call options of Fannie Mae and sellers of the publicly traded put options of Fannie Mae during the period from April 17, 2001 through December 22, 2004, who suffered damages thereby (excluding defendants, their immediate family members and certain of their affiliates). The Court denied the motions to dismiss of defendants Fannie Mae, Raines, Howard, Spencer and KPMG. On September 6, 2008, the Federal Housing Finance Agency (FHFA) appointed FHFA as conservator of Fannie Mae. Fact depositions were completed in April 2010, after 123 fact depositions were taken and over 67 million pages of documents were produced. Expert discovery was completed in May 2011. In August 2011, Lead Plaintiffs filed Motions for Partial Summary Judgment against Fannie Mae and KPMG. Defendants filed a total of six summary judgment motions against Lead Plaintiffs. Dispositive motions are scheduled to be fully briefed in December 2011. No trial date has yet been set. This site was created by Lead Counsel Waite, Schneider, Bayless & Chesley Co. L.P.A. For more information or questions about the case, please contact us.	Key Developments August 18, 2011 - Lead Plaintiffs file Motion for Partial Summary Judgment Against KMPG August 16, 2011 - Lead Plaintiffs file Motion for Partial Summary Judgment Against Fannie Mae May 26, 2011 - Expert discovery is completed April 29, 2010 - Fact discovery is completed after over 67 million pages of documents are produced and 123 fact depositions taken Jan. 7, 2008 - Court certifies this action as a Class Action and establishes the Class Period to run from April 17, 2001 to December 22, 2004. July 31, 2007 - Court dismisses state law and certain other claims of opt-out plaintiffs Evergreen and Franklin. View All>>
For additional information please email your requests to info@fanniemaelitigation.com. © 2011 Waite, Schneider, Bayless & Chesley Co. L.P.A.; Bernstein Liebhard & Lifshitz, LLP. All rights reserved.