Thursday, April 20, 2006

Ohio State Retirement Funds - 1; Secondary Mortgage Finance Lenders - 0

Today Freddie Mac announced a settlement of the securities class actions and derivative litigation that was filed following the company's restatement of financial results for the years 2000 through 2002.

According to the release:
The proposed settlement of these actions includes a cash payment by Freddie Mac of $410 million. The settlement is also based on corporate governance reforms instituted by the company under its current management. The settlement does not include any admission of wrongdoing by the company.
The Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio (STRS) were appointed as lead plaintiff in the Freddie Mac litigation.

OPERS and STRS are also currently serving as lead plaintiff in the Fannie Mae litigation.

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