Fannie Mae

After nearly a decade of hard-fought litigation, we led Fannie Mae in settling a consolidated securities class action pending in the District of Columbia, where we had convinced the Judicial Panel on Multidistrict Litigation to create an MDL. Twenty-eight plaintiffs had filed securities, shareholder derivative, and ERISA cases in federal courts across the country. The MDL arose out of the company’s prior restatement of its financials for the period 2001 through Q2 2004. Over the course of this long-running litigation, we spearheaded a number of other victories, including reducing potential exposure under the plaintiffs’ theory by more than 50 percent and leading a joint-defense group effort in securing the dismissal of three former executives from the action.  We helped Fannie Mae reach a settlement that favorably resolved all remaining claims for a small fraction of the US$10 billion that former Ohio Attorney General Marc Dann had said that Fannie Mae investors were entitled to.