On Tuesday, a securities class action lawsuit was filed against several current and former top executives of Fannie Mae (FHM), as well as a group of five underwriters. The lawsuit alleges misrepresentations related to a $2 billion preferred share offering by the company in May 2008 of 8.25% Non-Cumulative Preferred Stock, Series T.
Like a similar lawsuit filed last week, the complaint reportedly does not name the company but does name top executives as defendants. It also names the offering’s five managing underwriters as defendants: units of Morgan Stanley Inc. (MS), Merrill Lynch & Co. (MER), UBS AG (UBS), Wachovia Corp. (WB) and Citigroup Inc. (C).
[…] Group and Morgan Stanley have already been hit with lawsuits, the WSJ reports, as have Fannie Mae (FNM) and Merrill Lynch (MER). More are no doubt on the […]
Does this class action lawsuit cover any of the many R.E. investors that lost huge equity and ernest money in R.E. due to Mortgage Loans that were handed out like candy on Halloween, with little restraint, causing the current R.E. debacle? If so, I’d like to be added to the class action plaintiffs list. If not, do you know of a legal team interested, or already involved, in a suit of this classification? Thank you for your help in steering me in a productive direction. Perhaps I’ve lost enough individually to warrant an individuals suit!
Sincerely, Kent Ronning