fannie mae lawsuit chart

5/19/2018 Fannie Mae Lawsuit Chart

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This chart was prepared by Troubled Company Reporter and Class Action Reportereditors and posted at http://bankrupt.com/gselitigationsummary201408.pdf for the convenienceof those newsletters' subscribers. All rights reserved. Copyright 2014 Bankruptcy Creditors' Service, Inc., and Beard Group, Inc. Unaltered, this document may be

freely shared with anyone for any purpose. For additional information, contact Peter A. Chapman at [email protected] by e-mail or (215) 945-7000 by telephone.

Significant Lawsuits Concerning Fannie Mae & Freddie Mac Net Worth Sweep

Updated August 16, 2014

Title1

Plaintiffs'Lawyers

Claims for Relief

Relief Requested2

Pre-TrialSummaryJudgmentProceedings

Current Status

NextCalendarEvent

American European

Insurance Company

v. Federal NationalMortgage

Association, et al.,

Case No. 13-cv-01169 (D.C. filedJuly 30, 2013)

Michael G.McLellan

L. KendallSatterfieldElizabeth R. MakrisFINKELSTEINTHOMPSON LLP

Jeremy A.LiebermanLesley F. Portnoy

Patrick V.DahlstromPOMERANTZGROSSMANHUFFORDDAHLSTROM &GROSS LLP

Breach of contract

Breach of the impliedcovenant of good faith andfair dealing

Class action certification andappointment as Class Representative

Awarding Plaintiffs and the Class theamount of damages they sustained asa result of defendants breaches ofcontract and breaches of the impliedcovenant of good faith and fairdealing

Granting appropriate equitable and

injunctive relief to remedydefendants breaches of contract andbreaches of the implied covenant ofgood faith and fair dealing

Consolidatedinto Misc. Action

No. 13-mc-1288(D.C.)

1Cases are listed in alphabetical order by the Plaintiff's name. Rows shaded in grey indicate the litigation has been consolidated with another proceeding.

2Excluding requests for costs and the catch-all prayer for such other and further relief as the Court deems just and proper.


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Title1

Plaintiffs'Lawyers

Claims for Relief

Relief Requested2

Pre-TrialSummaryJudgmentProceedings

Current Status

NextCalendarEvent

American European

Insurance Company

v. USA, Case No.13-496 (Ct. Fed. Cl.filed July 19, 2013)

Jeremy A.LiebermanLesley F. PortnoyPatrick V.DahlstromPOMERANTZGROSSMANHUFFORDDAHLSTROM &GROSS LLP

Charles J. PivenBROWER PIVEN

Just compensation under theFifth Amendment

Class certification and appointmentas Class Representative

Awarding Plaintiff and the Class justcompensation for the Government'staking of their property

Consolidatedwith Cacciapellev. United States,Case No. 13-672(Ct. Fed. Cl.)


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Title1

Plaintiffs'Lawyers Claims for Relief Relief Requested

2

Pre-TrialSummaryJudgmentProceedings Current Status

NextCalendarEvent

Arrowood Indemnity

Co., et al. v. USA,

Case No. 13-698 (Ct.Fed. Cl. filed Sept.18, 2013) (Sweeney,J.)

Drew W. MarroccoMichael H. BarrRichard M.ZuckermanSandra HauserDENTONS US LLP

Against the United States ofAmerica for justcompensation under the FifthAmendment

Awarding Arrowood Parties justcompensation for the Government'staking of their property

Requests by theGovernment formore time toanswer orrespond. SeeDocs. 19, 16, 15,12, 11, 10, 9 and8.

AwaitingGovernment'sanswer orresponse toArrowood'sComplaint

08/29/2014 forGovernmentto answer,move orotherwiseplead. SeeDoc. 21.

Borodkin, et al. v.

Federal National

Mortgage

Association, et al.,Case No. 13-cv-01443 (D.C. filedSept. 20, 2013)

Craig L. BriskinMEHRI & SKALET,PLLC

Barbara J. HartThomas A. SkeltonLOWEYDANNENBERGCOHEN & HART

Breach of contract




Granting appropriate equitable and

injunctive relief to remedydefendants breaches of contract andbreaches of the implied covenant ofgood faith and fair dealing

Consolidatedinto Misc. ActionNo. 13-mc-1288(D.C.)


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2


NextCalendarEvent

Cacciapelle, et al. v.

Federal National

Mortgage

Association, et al.,

Case No. 13-cv-01149 (D.C. filedJuly 29, 2013)(Lamberth, J.)

Hamish P.M. HumeBOIES, SCHILLER &FLEXNERLLP

Lee D. RudyEric L. ZagarKESSLER TOPAZMELTZER &CHECK, LLP

Breach of contract




Granting appropriate equitable andinjunctive relief to remedydefendants breaches of contract andbreaches of the implied covenant ofgood faith and fair dealing

Consolidatedinto Misc. ActionNo. 13-mc-1288(D.C.)


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2


NextCalendarEvent

Cacciapalle, et al. v.

USA, Case No.13-466 (Ct. Fed. Cl.filed July 10, 2013)(Sweeney, J.)

Hamish P.M. HumeBOIES, SCHILLER &FLEXNERLLP

Lee D. RudyEric L. ZagarKESSLER TOPAZMELTZER &CHECK, LLP

Against the United States ofAmerica for justcompensation under the FifthAmendment


Awarding just compensation for theGovernment's taking of theirproperty

Government'sMotion toDismiss Filed(Doc. 42)

Briefingregarding themotion todismiss is stayedpending theconclusion ofjurisdictionaldiscovery inFairholme. Oncethe parties in

Fairholme file apostdiscoveryjoint statusreport, the courtwill issue anorder in this caseregarding furtherproceedings. SeeDoc. 46.

Judge Sweeneyindicates thatdiscovery in thiscase is notstayed. SeeDoc.49.


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2


NextCalendarEvent

Cane v. Federal

Housing Finance

Agency, et al., CaseNo. 13-cv-01184(D.C. filed Aug. 1,2013)

David L. Wales

BERNSTEINLITOWITZ BERGER& GROSSMANN,LLP

Breach of contract against

FHFA for (i) modification ofthe certificates and series ofstock without shareholdersconsent and (ii) eliminationof dividends

Anticipatory breach ofcontract against FHFA forrepudiation of shareholders

right to any eventualliquidation surplus

Breach of the impliedcovenant of good faith andfair dealing against FHFA

Violation of theAdministrative Procedure

Act because Treasury andFHFAs conduct (i)exceeded their statutoryauthority and (ii) wasarbitrary and capricious

No just compensation underthe Fifth Amendment

Class action certification and

appointment as Class Representative

Compensatory damages to bedetermined at trial

Just compensation under the FifthAmendment for Treasury andFHFAs taking of Plaintiffs' property

Declaring that the ThirdAmendment, and its adoption,violate HERA

Vacating and setting aside the ThirdAmendment

Enjoining Defendants fromimplementing, applying, or taking

any action whatsoever pursuant tothe Third Amendment, and from anyfurther violations of HERA

Consolidated

into Misc. ActionNo. 13-mc-1288(D.C.)


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2


NextCalendarEvent

Continental Western

Insurance Companyv. The Federal

Housing Finance

Agency, et al., CaseNo. 14-cv-00042(S.D. Iowa filed Feb.5, 2014) (Pratt, J.;Walters, M.J.)

Charles J. Cooper

Vincent J.ColatrianoDavid H.ThompsonPeter A. PattersonCOOPER & KIRK,PLLC

Matthew G.

WhitakerMatt M.DummermuthKendra L. MillsArnoldWHITAKERHAGENOW &GUSTOFF, LLP

FHFA's conduct exceeds its

statutory authority asconservator

Violation of theAdministrative ProcedureAct: FHFA's conduct wasarbitrary and capricious

Treasury's conduct exceeded

its statutory authority

Violation of theAdministrative ProcedureAct: Treasurys conduct wasarbitrary and capricious

Breach of contract

Breach of implied covenantof good faith and fair dealing

Breach of fiduciary duty

Declaring that the Net Worth Sweep

and its adoption are [illegal]

Declaring that the . . . dividends toTreasury . . . violated HERA

Declaring that Treasurys post-2009payments to Fannie and Freddie . . .violate HERA

Vacating and setting aside the NetWorth Sweep, the dividends, andTreasury's post-2009 payments

Reducing the liquidation preferenceof the Government Stock;

Enjoining further dividend paymentsor tinkering with the accounting

Awarding Plaintiff damagesresulting from FHFAs breaches

FHFA's Motion

to Dismiss Filed(Doc. 23)

Treasury'sMotion toDismiss Filed(Doc. 24)

Motion to

Compelproduction ofAdministrativeRecord Denied.SeeDoc. 42.

AwaitingContinentalWestern's

Response toMotions toDismiss.

08/29/2014 --

ContinentalWestern toRespond toMotions toDismiss.

09/29/2014 --FHFA andTreasury to

Reply.


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NextCalendarEvent

Dennis v. Federal

Housing FinanceAgency, et al., CaseNo. 13-cv-01208(D.C. filed Aug 5,2013)

Reuben A. Guttman

Geoffrey C. JarvisGRANT &EISENHOFER

Breach of contract



Class action certification,

appointment as Class Representative,and confirmation that this a properderivative action

Declaring that defendants breachedthe certificates of designation of theSeries S & T Preferred Stock. . . .

Awarding compensatory damages

Declaring that the Net Worth Sweepwas unfair to Fannie Mae, did notfurther any valid business purpose,did not reflect a good faith businessjudgment as to what was in the bestinterests of Fannie Mae or itsshareholders, and constituted wasteand a gross abuse of discretion

Declaring that, through the NetWorth Sweep, defendants breachedtheir respective fiduciary duties toFannie Mae

Awarding compensatory damagesand disgorgement in favor of FannieMae against defendants as a resultof their breach of their fiduciary

duties. . . .

Granting equitable relief, includingrescission of the Net Worth Sweep

Consolidated



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2


NextCalendarEvent

Dennis v. USA, Case

No. 13-542 (Ct. Fed.Cl. filed Aug. 5,2013)

Jay W. Eisenhofer

Geoffrey C. JarvisGRANT &EISENHOFERP.A.

Violation of the Takings

Clause

Class action certification

Awarding Plaintiff and the otherClass members just compensationfor the unconstitutional taking oftheir property, in an amount to beproven at trial. . . .

Consolidated

with Cacciapellev. United States,Case No. 13-672(Ct. Fed. Cl.)

Fairholme Funds,

Inc., et al. v. The

United States, Case

No. 13-465 (Ct. Fed.Cl. filed July 9,2013) (Sweeney, J.)

Charles C. CooperVincent J.Colatriano

David H.ThompsonPeter A. PattersonBrian W. BarnesCOOPER & KIRK,PLLC

Just compensation under theFifth Amendment for thetaking of private property for

public use

Awarding compensation under theFifth Amendment for theGovernment's taking of their

property

Government'sMotion toDismiss Filed

(Doc. 20)

[Briefingsuspendedpendingresolution ofjurisdictionaldiscoverydispute]

Documentproduction tooccur in waves,

subject toProtective Order(Docs. 72 and73)

Bi-WeeklyStatusConferencescontinue (Doc.

85)

09/05/2014 --Proposals duefor date by

whichjurisdictionaldiscoveryshould becompleted(Doc. 85).


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2


NextCalendarEvent

Fisher, et al. v. USA,

Case No. 13-608 (Ct.Fed. Cl. filed Aug.26, 2013) (Sweeney,J.)

Noah M. Schubert

Robert C. SchubertMiranda P. KolbeSCHUBERTJONCKHEER &KOLBE LLP

Edward F. HaberSHAPIRO HABER &URMY LLP

Derivatively on behalf of

FNMA:

Unlawful taking without justcompensation under the FifthAmendment to the U.S.Constitution

Derivatively on behalf of FNMA:

Finding that the United States hasunlawfully taken the private propertyof Fannie Mae for public use withoutjust compensation in violation of theTakings Clause of the FifthAmendment to the U.S. Constitution

Determining and awarding Fannie

Mae just compensation for theGovernment's taking of its property

Motion to

Dismiss Filed(Doc. 20)

Briefing

regarding themotion todismiss is stayedpending theconclusion ofjurisdictionaldiscovery inFairholme. Oncethe parties in

Fairholme file apost-discoveryjoint statusreport, the courtwill issue anorder in this caseregarding furtherproceedings. SeeDoc. 25.


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2


NextCalendarEvent

Liao v. Lew, et al.,

Case No. 13-cv-01094 (D.C. filedJuly 16, 2013)

Michael G.

McClellanL. KendallSatterfieldElizabeth R. MakrisFINKELSTEINTHOMPSON LLP

Lionel Z. GlancyMichael M.

GoldbergEx Kano S. Sams IIGLANCY BINKOW &GOLDBERG LLP

Illegal taking and/or

extraction in violation of theU.S. Constitution

Violation of theAdministrative ProceduresAct: the Treasury's conductexceeds its statutoryauthority under HERA

Violation of theAdministrative ProceduresAct: the Treasury's conductwas arbitrary and capricious

Violation of theAdministrative ProceduresAct: the FHFA's conductexceeds its statutoryauthority under HERA

Violation of theAdministrative ProceduresAct: the FHFA's conduct wasarbitrary and capricious

Determining that this is a proper

class action and certifying Plaintiffas a Class Representative. . . .

Finding that Defendants have takenand/or illegally exacted the privateproperty of Plaintiff and the Class inviolation of the Due Process andTakings Clauses of the United StatesConstitution

Declaring that the ThirdAmendment, and its adoption,[violate] HERA . . . ; and that theTreasury and the FHFA actedarbitrarily and capriciously . . . byexecuting the Third Amendment

Vacating and setting aside the ThirdAmendment including its provisionsthat sweep the full amount of theCompanies' net worth to theTreasury, that prevent redemption ofthe Government Preferred Stock, andthat accelerate the Companies'dissolution

Enjoining the Treasury [and theFHFA] . . . from implementing,

applying, or taking any actionwhatsoever pursuant to the ThirdAmendment

Consolidated



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2


NextCalendarEvent

Marneu Holdings

Co., et al. v. FederalHousing Finance

Agency, et al., CaseNo. 13-cv-01421(D.C. filed Sept. 18,2013)

Geoffrey C. Jarvis

GRANT &EISENHOFER P.A.

Jeremy A.LiebermanLesley F. PortnoyPatrick V.DahlstromPOMERANTZ

GROSSMANHUFFORDDAHLSTROM &GROSS LLP

Breach of Contract


Violation of the APA --Treasury's and FHFA'sconduct exceeds its statutoryauthority

Violation of the APA --Treasury's and FHFA'sconduct was arbitrary andcapricious


Class certification

[D]amages [for] defendantsbreaches of contract and breaches ofthe implied covenant of good faithand fair dealing

[R]escission of the ThirdAmendment

Declaring that the Third Amendmentwas [un]fair to Fannie Mae andFreddie Mac, [and ha]d no[] validbusiness purpose . . . , andconstituted waste and a gross abuseof discretion.

Declaring that the Third Amendment[violates] HERA; and that Treasuryand FHFA acted arbitrarily andcapriciously . . . by executing theThird Amendment;

Declaring that . . . the FHFA and theTreasury breached their . . . fiduciaryduties to Fannie . . and Freddie . . .

Compensatory damages anddisgorgement in favor of Fannie Mae

and Freddie Mac against . . . FHFAand the Treasury, jointly andseverally . . . in an amount to beproven at trial, including interestthereon

Consolidated



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2


NextCalendarEvent

Perry Capital LLC v.

[Treasury Sec'y]Jacob J. Lew,

[Acting FHFA

Director] Edward

DeMarco, The

Department of the

Treasury, and The

Federal Housing

Finance Agency,

Case No. 13-cv-1025(D.C. filed July 7,2013) (Lamberth, J.)

Theodore B. Olson

Douglas R. CoxMatthew D. McGillMikesh JindalDerek S. LyonsJanet WeissGIBSON, DUNN &CRUTCHER LLP

Violations of the

Administrative ProcedureAct: (i) Treasury's conductexceeds its statutoryauthority under HERA, (ii)Treasury's conduct wasarbitrary and capricious, (iii)the FHFA's conduct exceedsits statutory authority underHERA, and (iv) the FHFA's

conduct was arbitrary andcapricious

Declaring that the Third Amendment

[is illegal]

Vacating and setting aside the ThirdAmendment, including [the] sweep,. . . that prevent redemption of theGovernment Preferred Stock, andthat accelerate the Companiesdissolution

Enjoining Treasury . . . fromimplementing . . . the ThirdAmendment

Enjoining the FHFA . . . fromimplementing . . . the ThirdAmendment

Treasury's

Motion toDismiss Filed(Doc. 31) andFHFA andFannie's Motionto Dismiss Filed(Doc. 32)

Cross-Motion

for SummaryJudgment onAdministrativeProcedure ActClaims (Doc. 37)

Plaintiffs'Opposition toMotions toDismiss (Doc.38)

Treasury'sOmnibus Reply(Doc. 40) andFHFA andFannie'sOmnibus Replies(Doc. 42, 43 and

44 )

Perry's Reply(Doc. 47)

Ready for

hearing anddecision on Pre-Trial SummaryJudgmentproceedings

As of June 5,

2014, hearingpostponeduntil furtherorder of theCourt.


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2


NextCalendarEvent

Rafter, et al. v. USA,

Case No. 14-740 (Ct.Fed. Cl. filed Aug.14, 2014 (Sweeney,J.)

Lawrence D.

RosenbergThomas F. CullenJames E. GauchPaul V. LettowJONES DAY

Just compensation under the

Fifth Amendment for thetaking of private property forpublic use

Derivative claim for breachof implied contract

Awarding Plaintiffs just

compensation under the FifthAmendment for the Government'staking of their property

Awarding to the Companiesdamages, rescission, disgorgement,equitable restitution or appropriaterelief for the United States' breach ofcontract

Awaiting answer

or other responseto complaint.


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NextCalendarEvent

Rafter, et al. v. The

Department of theTreasury, et al., CaseNo. 14-cv-01404(D.C. filed Aug. 15,2014) ([Lamberth],J.)

Thomas F. Cullen

Michael A. CarvinJames E. GauchPaul V. LettowJONES DAY

Violation of the

Administrative ProcedureAct: Exceeding StatutoryAuthority and Arbitrary andCapricious Conduct

Direct Claim for Breach ofFiduciary Duty underDelaware and Virginia Law

Direct Claim for Breach ofFiduciary Duty underDelaware and Virginia Law:Conversion of theGovernments SeniorPreferred Stock to CommonStock; Creation of ImproperSecurities

Claim under Delaware andVirginia Law forImproper Denial of Demandto Permit Inspection ofBooks and Records

Declaring that FHFA as conservator had

and has a duty under HERA to put theCompanies in a sound and solventcondition, carry on their business, and

preserve and conserve their assets andproperty

Declaring that the Net Worth SweepAgreements and the Net WorthSweeps [violate] HERA, and thatDefendants acted arbitrarily andcapriciously. . . .

Vacating the Net Worth SweepAgreements and rescinding the NetWorth Sweeps

Enjoining Defendants . . . from . . .taking any action [under] the Net WorthSweep Agreements. . . .

Enjoining Treasury . . . from exercising

control over FHFA in its capacity asconservator of Fannie Mae and FreddieMac, and declaring null and void any

provisions of the Stock PurchaseAgreements purporting to authorizeTreasury to do so

Declaring that Plaintiffs have the right toinspect the Companies stockholder lists

Ordering Defendants to make availableto Plaintiffs the Companies stockholderlists

Awaiting answer

or other responseto complaint.


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