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Volume 2014 - Number 38

October 9, 2014

Expert Calls Dismissal of GSE Shareholder Lawsuit ‘Misguided,’ Discovery Best Bet for Plaintiffs Now

Shareholders are appealing a federal judge’s decision last week to toss out their legal challenge to the federal government’s siphoning off of Fannie Mae and Freddie Mac profits, and a legal expert says they could be helped out by what comes out in discovery in other investor lawsuits. Speaking during a conference call sponsored by Investors Unite, New York School of Law Professor Richard Epstein – who does not own stock in the government-sponsored enterprises – blasted the “misguided” ruling by Judge Royce Lamberth of the U.S. District Court for the District of Columbia. He characterized it as an overly generous interpretation of the Housing and Economic Recovery Act of 2008 in favor of the Treasury Department and the Federal Housing Finance Agency. “Although the government claimed to be looking out for the shareholders, it ended up...

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