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Mandatory Stay Lifted on Fannie Mae Class Action January 6, 2009 Waite, Schneider, Bayless & Chesley is Lead Counsel in a class action suit against 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. Due the current financial crisis, the Office of Federal Housing Enterprise Oversight was appointed Conservator of Fannie Mae. On September 8, 2008, the Court granted a mandatory stay of proceedings due the financial crisis and the subprime meltdown. At that point, 56 depositions had been taken and 42 more were scheduled. The stay was lifted on January 6, 2009, and depositions are scheduled to resume. |
