Former Fannie Mae Controller Leanne G. Spencer Exonerated of Wrongdoing
Statement by David S. Krakoff of BuckleySandler LLP, Counsel to Leanne G. Spencer
WASHINGTON, DC -- (Marketwire) -- 11/20/12 -- Today, Judge Richard J. Leon of the U.S. District Court for the District of Columbia dismissed a class action lawsuit against Leanne G. Spencer, the former Controller of Fannie Mae, in the matter In Re Fannie Mae Securities Litigation. When filed eight years ago by the Ohio Teachers and Public Employee Retirement funds, it was the largest securities class action ever brought in the United States.
Ohio sought $6 billion in damages, but Spencer's lawyer, David S. Krakoff of BuckleySandler LLP, said, "The court ruled that the plaintiffs were entitled to nothing because there was no proof that Ms. Spencer had manipulated earnings or violated federal securities laws. Today's ruling completely vindicates Ms. Spencer of any wrongdoing. Judge Leon's fair and impartial evaluation of all the evidence has ended Ms. Spencer's eight-year nightmare."
Case Reference: In Re Federal National Mortgage Association Securities, Derivative and "ERISA" Litigation, 04-cv-01639, U.S. District Court, District of Columbia (Washington).
With over 150 lawyers in Washington, DC, New York, Los Angeles and Orange County, CA, BuckleySandler LLP (www.buckleysandler.com) provides best-in-class legal counsel to meet the challenges of its financial services industry and other corporate and individual clients. Representing many of the nation's leading financial services institutions, the firm provides legal and business counsel across the full-range of government enforcement actions, complex and class action litigation, and transactional, regulatory and public policy issues.
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