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Court Documents Stay Sealed in Fannie, Freddie Case

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navycmdr Member Level  Friday, 09/04/15 05:01:55 PM
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Court Documents Stay Sealed in Fannie, Freddie Case -- Market Talk

Last update: 04/09/2015 1:57:43 pm

16:57 EDT - A judge in the US Court of Federal Claims today denies motions to make public certain documents and depositions in a case between shareholders of Fannie Mae (FNMA) and Freddie Mac (FMCC) and the US government. The shareholders are challenging the government's 2012 decision to sweep nearly all of Fannie's and Freddie's profits when they make one, but not require dividends when they don't. The plaintiffs in the case, which include mutual fund manager Fairholme Funds, in redacted court filings have said the documents undermine the government's public reasoning for the sweep--namely that government officials were afraid that Fannie and Freddie would need to draw on bailout funds to pay dividends. The decision is a small blow to shareholders, who are also fighting a public relations battle to win over the public and policymakers and perhaps drive the government towards a settlement. (joe.light@wsj.com; @joelight)


(END) Dow Jones Newswires

September 04, 2015 16:57 ET (20:57 GMT)

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