These cases are still pending:
The Royal Bank of Scotland Group PLC
Goldman, Sachs & Co.
Nomura Holding America Inc.
HSBC North America Holdings, Inc.
Certain non-Ally defendants associated with Ally Financial remain in the case
As described in the Fannie Mae 2013 Form 10-K and 2014 From 10-Q The following lawsuits were resolved.
* Citigroup. On May 24, 2013, we, along with FHFA and Freddie Mac, entered into a settlement agreement with
Citigroup Inc. and certain related entities resolving the Citigroup Inc. case in exchange for a payment of $250
million from Citigroup. Citigroup paid us approximately $145 million of this amount. On May 29, 2013, the district
court entered a voluntary order dismissing the case.
* UBS. On July 25, 2013, we, along with FHFA and Freddie Mac, entered into a settlement agreement with UBS and
certain related entities and individuals resolving the UBS case and certain other claims in exchange for a payment of
$885 million. UBS paid us approximately $416 million of this amount. On July 30, 2013, the district court entered a
voluntary order dismissing the case.
* JPMorgan Chase. On October 25, 2013, we, along with FHFA and Freddie Mac, entered into a settlement agreement
with JPMorgan Chase & Co. and certain related entities and individuals (collectively with JPMorgan Chase, the
“JPMorgan Chase parties”) resolving the JPMorgan case and certain other claims in exchange for a payment of $4.0
billion. The JPMorgan Chase parties paid us approximately $1.3 billion of this amount. On November 18, 2013, the
district court entered a voluntary order dismissing the case.
* Deutsche Bank. On December 19, 2013, we, along with FHFA and Freddie Mac, entered into a settlement agreement
with Deutsche Bank and certain related entities resolving the Deutsche Bank case and certain other claims in
exchange for a payment of $1.9 billion. Deutsche Bank paid us approximately $297 million of this amount. On
January 6, 2014, the district court entered a voluntary order dismissing the case..
* Morgan Stanley. On February 7, 2014, we, along with FHFA and Freddie Mac, entered into a settlement agreement
with Morgan Stanley and certain related entities resolving the Morgan Stanley case for a payment of $1.25 billion.
Morgan Stanley paid us $625 million of this amount in February 2014. On February 18, 2014, the district court
entered a voluntary order dismissing the case.
* SG Americas. On February 26, 2014, we, along with FHFA and Freddie Mac, entered into a settlement agreement
with SG Americas, Inc. and certain related entities resolving the SG Americas, Inc. case for a payment of $122
million. SG Americas paid us approximately $60 million of this amount in March 2014. On March 6, 2014, the
district court entered a voluntary order dismissing the case.
* Credit Suisse. On March 21, 2014, we, along with FHFA and Freddie Mac, entered into a settlement agreement with
Credit Suisse Holdings (USA), Inc. and certain related entities resolving the Credit Suisse Holdings (USA), Inc. case
for a payment of $885 million. Credit Suisse paid us $234 million of this amount in April 2014. On April 11, 2014,
the district court entered a voluntary order dismissing the case.
* Bank of America, Merrill Lynch and Countrywide. On March 25, 2014, we, along with FHFA and Freddie Mac,
entered into a settlement agreement with Bank of America Corporation and certain related entities resolving the
Bank of America Corporation, Merrill Lynch, Pierce, Fenner & Smith Inc. and Countrywide Financial Corporation
cases for a payment of $9.3 billion. As part of the settlement, Fannie Mae and Freddie Mac transferred private-label
securities to Bank of America. In April 2014, Bank of America paid us approximately $4.4 billion and we transferred
private-label securities with an unpaid principal balance of $1.9 billion to Bank of America. On April 1, 2014, the
district court where the Merrill Lynch and Bank of America cases were pending entered voluntary orders dismissing
those cases. On April 2, 2014, the district court where the Countrywide case was pending entered a voluntary order
dismissing that case.
* Barclays. On April 23, 2014, we, along with FHFA and Freddie Mac, entered into a settlement agreement with
Barclays Bank PLC and certain related entities resolving the Barclays Bank PLC case for a payment of $280
million. Barclays paid us $53 million of this amount in May 2014. On May 5, 2014, the district court entered a
voluntary order dismissing the case.151
* First Horizon. On April 29, 2014, we, along with FHFA and Freddie Mac, entered into a settlement agreement with
First Horizon National Corporation and certain related entities resolving the First Horizon National Corporation case
for a payment of $110 million. Under the terms of the settlement agreement, First Horizon is required to pay us
approximately $62 million of this amount by May 20, 2014.
* Ally Financial, Inc. - $475 million [certain non-Ally defendants remain in the case]
* Wells Fargo Bank, N.A. - $335.23 million
Source:
Fannie Mae 2013 Form 10-K
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2013/10k_2013.pdf
Fannie Mae 2014 From 10-Q
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2014/q12014.pdf
FHFA's Update on Private Label Securities Actions 2013 and 2014 Settlements and Remaining Cases, 4/29/2014
http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFAs-Update-on-Private-Label-Securities-Actions.aspx
FHFA's Update on Private Label Securities Actions 2013 and 2014 Settlements and Remaining Cases, 4/29/2014
PLS Litigation Settlements
1. General Electric Company - $6.25 million
2. CitiGroup Inc. - $250 million
3. UBS Americas, Inc. (Union Bank of Switzerland) - $885 million
4. J.P. Morgan Chase & Co.- $4 billion
5. Deutsche Bank AG- $1.925 billion
6. Ally Financial, Inc. - $475 million
7. Morgan Stanley - $1.25 billion
8. SG Americas (Societe Generale) - $122 million
9. Credit Suisse Holdings (USA) Inc.- $885 million
10. Bank of America Corp. , 11. Merrill Lynch & Co. & 12. Countrywide Financial Corporation - $5.83 billion
13. Barclays Bank PLC - $280 million
14. First Horizon National Corp. - $110 million
Non-Litigation PLS Settlements
Wells Fargo Bank, N.A. - $335.23 million
Remaining PLS Cases
Southern District of New York Cases:
15. Goldman Sachs & Co.
16. HSBC North America Holdings, Inc. (Hong Kong Shanghai Banking Corp.)
17. Nomura Holding America, Inc.
[Ally Financial, Inc. (certain non-Ally defendants remain in the case)]
District of Connecticut Case:
18. The Royal Bank of Scotland Group, PLC
