Fannie Mae Securities Litigation
The Firm serves as co-lead counsel in this action representing Lead Plaintiffs Ohio Public Employees Retirement System and State Teachers Retirement System. The complaint alleged that Federal National Mortgage Association (“Fannie Mae”) and its three most senior corporate officers intentionally and pervasively misapplied U.S. accounting rules and engaged in other misconduct over a four-year period. The Firm represented the Lead Plaintiffs on behalf of hundreds of thousands of individuals, pension funds and other investors in Fannie Mae common stock and certain options spanning the period from April 17, 2001 through and including December 22, 2004. On December 5, 2015, the court granted final approval of the $153 settlement. This settlement is the largest securities settlement in the D.C. Circuit since the passage of the PSLRA and could rank among the top 5% of securities class action settlements of all time.