Fannie Mae Securities, Derivative and ERISA Litigation
- Practice Area(s): Litigation, Class Actions, Complex Civil Litigation, Government Enforcement, White Collar
- Attorney(s): Krakoff, David S.; Regan, Christopher F. ; Miller, Adam; Randell, Lauren R.
- Case Date(s): 2004
- Court: D.D.C.
- Judge: Leon, Richard J.
- State: Dist. of Columbia
- Docket No. 1:04-CV-01639-RJL; 1:04-CV-01783-RJL; 1:04-CV-00784-JR
Represented the former Controller of Fannie Mae in winning the dismissal of, or settling, all investigations and litigation related to the accounting errors alleged in reports by the Company’s regulator, the Office of Federal Housing Enterprise Oversight (OFHEO, now known as the Federal Housing Finance Agency), which resulted in a $6 billion restatement announced in 2004. Subsequent investigations by the Securities and Exchange Commission, the Department of Justice and the Department of Labor were resolved without adverse action. An enforcement action brought by OFHEO was settled on favorable terms without any admission of wrongdoing. A derivative lawsuit was dismissed and an ERISA class action settled on favorable terms. Most importantly, a securities fraud class action was dismissed in November 2012 on summary judgment for lack of evidence of scienter (intent to defraud), completely exonerating our client in the face of highly-publicized allegations.