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Bruce Berkowitz Sues Government Over Fannie, Freddie Preferreds

The value-oriented fund announced that it is filing suits this week in both the United States Court of Federal Claims and the United States District Court for the District of Columbia "to protect its rights as an owner of preferred stock in Fannie Mae and Freddie Mac, including the right to receive dividends from the profitable companies."

Last month, private shareholders of Fannie Mae and Freddie Mac filed a suit challenging the legality of the companies' takeover.

The suits from Berkowitz and Perry, however, do not challenge the takeover but the 2012 amendment, arguing that it violates the principles of "conservatorship" .

-- Written by Shanthi Bharatwaj in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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