Below is the first part of an article by Zoe Tillman from LegalTimes.typepad.com. It reads….
A Washington federal trial judge today approved a $153 million settlement between Fannie Mae and shareholders who sued the mortgage giant for securities fraud.
U.S. District Judge Richard Leon found the settlement and plan for distributing it among the more than one million class members was “fair, reasonable and adequate.” The case is the largest securities class action settlement in the D.C. federal courts since modern securities litigation laws went into effect in 1996.
The order ends nearly a decade of litigation against Fannie Mae and its auditor, KPMG LLP. The class members, led by the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio, accused Fannie Mae and KPMG of defrauding shareholders by manipulating earning and violating guidelines known as generally accepted accounting principles.
Marc Primo Pulisci is a Los Angeles based attorney practicing with Initiative Legal Group. Marc Primo Pulisci has been practicing law for over 10 years. Find Marc on Marc Primo Twitter, Marc Primo Manta, Marc Primo Facebook, Marc Primo Squarespace, Marc Primo Pulisci Dot Com, Marc Primo Dot Com