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Former Fannie Mae Controller Leanne G. Spencer Exonerated of Wrongdoing

WASHINGTON, DC (November 20, 2012) – 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 Buckley Sandler 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).

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