Tuesday, April 03, 2018 6:12:29 PM
Challenging Treasury Sweep
Tuesday April 3, 2018 ... By Carisa Chappell cchappell@imfpubs.com
More Fannie Mae and Freddie Mac shareholders have initiated lawsuits
against the government for the Treasury sweep of the mortgage giants
profits. Each of the plaintiffs in the three new cases were owners of
the GSEs junior preferred stock.
The cases, Akanthos v. U.S., CSS v. U.S. and Appaloosa v. U.S., have been
assigned to Judge Margaret Sweeney, who is also handling other similar
complaints.
They were filed in the U.S. Court of Federal Claims.
According to court documents, Akanthos Opportunity Master Fund owned
more than $137 million in junior preferred stock as of Aug. 16, 2016.
Akanthos complained of suffering from severe economic loss to its holdings.
The junior preferred was bought both before and after the conservatorship
was imposed, but prior to the Treasury sweep amendment in 2012.
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