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).
With over 150 lawyers in Washington, DC, New York, Los Angeles and Orange County, CA, BuckleySandler LLP provides best-in-class legal counsel to meet the challenges of its financial services industry and other corporate and individual clients across the full-range of government enforcement actions, complex and class action litigation, and transactional, regulatory, and public policy issues. "The best at what they do in the country." (Chambers USA). Online: www.buckleysandler.com / Twitter: https://twitter.com/BuckleySandler.
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Susan E. Jacobsen