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TheStreet Open House

Freddie Mac Wins Dismissal Of Federal Securities Lawsuit

Stocks in this article: FMCC

MCLEAN, Va., Sept. 27, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today announced the dismissal of a putative class action lawsuit filed against the company in federal court in August 2008 alleging securities fraud.

Judge John Keenan of the U.S. District Court for the Southern District of New York granted Freddie Mac's motion to dismiss, with prejudice, all claims asserted against Freddie Mac and certain of its former senior officers.  In April 2011, the Court had dismissed an earlier version of the Plaintiffs' complaint, but at that time the Court granted the Plaintiffs leave to file an amended complaint, which it has now found to be legally defective.  Judge Keenan also denied the Plaintiffs' motion to file a Third Amended Complaint.  In the Court's decision, Judge Keenan rejected claims that Freddie Mac's public disclosures from November 20, 2007 to September 7, 2008 were materially false or misleading. 

"We are very pleased with the court's decision and with Judge Keenan's thoughtfully reasoned opinion," said William McDavid, Executive Vice President, General Counsel and Corporate Secretary at Freddie Mac.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets.  Freddie Mac supports communities across the nation by providing mortgage capital to lenders.  Today, Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources for multifamily housing.   www.FreddieMac.com .  Twitter: @FreddieMac

SOURCE Freddie Mac

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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