Fannie Mae Investigation – Securities Fraud



Shapiro Haber & Urmy LLP has commenced an investigation against present and former officer and directors of the Federal National Mortgage Association (“Fannie Mae”) for potential violations of the Employee Retirement Income Security Act of 1974 (“ERISA”). The investigation focuses on investments in Fannie Mae stock in the Federal National Mortgage Association (Fannie Mae) Employee Stock Ownership Plan (the “Plan”).

Shapiro Haber & Urmy is investigating whether Fannie Mae’s present and former directors and officers, who were fiduciaries to the Plan, breached their fiduciary duties by failing to prudently manage the assets of the Plan.

    Specifically, Fannie Mae continued to invest Plan assets in Fannie Mae stock when it was no longer prudent for participants’ retirement savings as a result of the Company’s failure to maintain adequate capital and liquidity, which ultimately led Federal regulators to place the Company into conservatorship on September 8, 2008.

If you are or were a participant in the Plan, between November 16, 2007 and the present, please click here or call our toll-free number (800-287-8119) to learn more about your rights from our legal team of attorney Edward Haber, attorney Michelle H. Blauner, or paralegal Sophie Horowitz.

Shapiro Haber & Urmy is a Boston-based litigation firm with over twenty-five years of experience representing individuals in complex civil litigation, including class actions for ERISA violations, securities fraud, consumer fraud and unlawful employment practices. Its trial lawyers have recovered hundreds of millions of dollars for victims of those and other unlawful practices. Shapiro Haber & Urmy is committed to helping employees and retirees protect their retirement savings.

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