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Ohio
Attorney
General Mike DeWine
$153
Million Class Action
Settlement Against Fannie Mae, KPMG
(COLUMBUS,
Ohio)—Ohio Attorney
General Mike DeWine today announced that a $153 million settlement has
been
reached in a class action shareholder lawsuit with Fannie Mae and
accounting
firm KPMG. The settlement must be approved by the United States
District Court
for the District of Columbia.
"I
am pleased to see this
litigation finally resolved on behalf of the Ohio pension funds and
other
members of this very large class," said Attorney General DeWine. "The
settlement brings closure to this matter and recovery for our Ohio
pension
funds and class members."
The
settlement would end litigation
begun in 2004 with a complaint alleging that Fannie Mae, KPMG, and
others were
involved in issuing false and misleading financial reports in violation
of
federal securities laws. The
Ohio Public
Employees Retirement System (OPERS) and State Teachers Retirement
System of
Ohio (STRS) were class members and lead plaintiffs of the lawsuit. The
class of
plaintiffs generally encompasses all purchasers of Fannie Mae common
stock and
call options, and all sellers of Fannie Mae put options, for the period
of
April 17, 2001 through December 22, 2004, who suffered damages. Because the litigation was
a class action
lawsuit, OPERS and STRS will receive a portion of the $153 million
settlement.
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