Fannie Mae Class Action Litigation Fact Discovery Is Completed

June 21, 2010

Waite, Schneider, Bayless & Chesley is Lead Counsel in a class action suit against the mortgage financer known as Fannie Mae, on behalf of all purchasers of the publicly traded common stock or call options and sellers of the publicly traded put options of Fannie Mae who were damaged by its actions.

The Court established the Class Period to run from April 17, 2001, through December 22, 2004. The Ohio Public Employees Retirement System and State Retirement System of Ohio are lead plaintiffs in the case. The lawsuit accuses Fannie Mae of violating federal securities laws by intentionally violating accounting rules and/or engaging in other misconduct to distort Fannie Mae's financial results and deceive investors. Fannie Mae finances one out of every five American home mortgage loans.

Fact discovery in the case was completed in April 2010, with 123 depositions being taken. The parties are now engaged in expert discovery. Pleadings and other information can be viewed at the separate website for the litigation at http://fanniemaelitigation.com.