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Bill Ackman Attacks 'Brazen' U.S. Conduct Over Fannie and Freddie

Representing the plaintiffs is the law firm Jones Day. An email message to Jim Gauch, a Washington, D.C.-based partner at Jones Day, was not immediately returned.

Some 20 lawsuits have been filed against the Treasury and other U.S. government entities on behalf of Fannie and Freddie shareholders. Among the most prominent plaintiffs is Perry Capital, which is represented by Ted Olson, a former U.S. solicitor general under President George W. Bush and a partner at Gibson Dunn and Crutcher. Olson, who has had regular success litigating against the U.S. government, may be the most prominent Republican plaintiffs' attorney in the U.S. Also representing GSE shareholders against the government in another related suit is David Boies, Chairman of Boies, Schiller & Flexner. Boies may be equal in stature to Olson, though he is a Democrat.

Despite the presence of Ackman and Pershing Square, which acquired their shares after the 2012 sweep, this latest lawsuit attempts to turn the spotlight on individual investors such as Louise Rafter, a 90-year-old widow with 36,000 shares of Fannie Mae, "some of which she and her late husband purchased more than 25 years ago and which she and/or her late husband have held continuously since then," the claim states.

In addition to Rafter and Pershing Square, the other plaintiffs are Josephine and Stephen Rattien, a married couple who live in Washington D.C. and have held 1,000 Fannie Mae shares continuously for 15 years, according to the claim. 

"Josephine Rattien is a retired psychiatric social worker and inner-city school counselor. Stephen Rattien is a retired senior science and technology policy manager," the claim states.

The highest profile spokesman for individual investors in Fannie and Freddie has been Ralph Nader, the storied consumer advocate and occasional presidential candidate, but Nader has been quiet of late. Nader is not suing the government. The Treasury Department has tried to characterize the battle as being led by greedy hedge funds. 

Follow @dan_freed

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