WASHINGTON, DC--(Marketwired - May 8, 2013) - Yesterday, May 7, 2013, a settlement was reached in "In re Fannie Mae Securities Litigation," a class action securities fraud lawsuit pending in the U.S. District Court for the District of Columbia. Leanne G. Spencer, the former Controller of Fannie Mae, was not a party to the settlement because the court dismissed all claims against her in November 2012.
Spencer's counsel, David S. Krakoff of BuckleySandler LLP, stated: "Today's settlement brings a long-overdue end to the final litigation relating to Fannie Mae's 2006 restatement. Ms. Spencer is not responsible for any portion of the settlement because the Court has previously dismissed her from the case. That judgment, which was based on a complete lack of evidence that Ms. Spencer did anything wrong, remains fully in force."
Case Reference: In re Federal National Mortgage Association Securities, Derivative and "ERISA" Litigation, 04-cv-01639, U.S. District Court, District of Columbia (Washington).
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