Fannie Mae Shareholders Lose Another Fight Over Post-Bailout Mortgage Profits

A federal judge in Delaware dismissed a shareholder action challenging the Federal Housing Finance Agency’s authority to divert Fannie Mae and Freddie Mac’s future profits to the U.S. Treasury as a condition of the mortgage giants’ $188 billion bailout during the 2008 financial crisis.

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Glasscock Invokes Tennyson in Dismissing Shareholder Action

(CN) – Likening himself to the Lady of Shalott character confined to a castle tower in an 1830s poem, Delaware Vice Chancellor Samuel Glasscock dismissed a shareholder class action over aerospace company Kreisler Manufacturing’s merger, notwithstanding his constrained view of the facts around the deal. Glasscock found plaintiff Alan Kahn had failed to show that the company’s directors acted in bad faith when negotiating the company’s merger with private equity group Arlington Capital Partners.

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