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Bingham Wins Dismissal in Freddie Mac Class Action

Law360, March 31, 2011 — Judge John Keenan of the U.S. District Court for the Southern District of New York has granted Bingham’s motion to dismiss all claims asserted against Freddie Mac in a putative securities fraud class action filed against the company and its former senior officers. Significantly, Judge Keenan found all alleged misrepresentations regarding Freddie Mac’s involvement in the subprime and Alt-A mortgage markets not actionable, holding that the plaintiffs failed to adequately allege that Freddie Mac’s disclosures on those issues were either false or misleading as a matter of law. Judge Keenan also dismissed alleged misrepresentation claims relating to Freddie Mac’s internal controls and underwriting processes. Per the court’s order, the plaintiffs have 60 days to file an amended complaint. “We are gratified that the court recognized the lack of merit in plaintiff’s claims against Freddie Mac,” said partner Jordan Hershman, co-chair of Bingham’s Securities and Financial Institutions Litigation Group, who led Bingham’s team in this matter. Joining Hershman were partners Jason Frank and Ken Schacter; counsel William Harb; associates Josephine Deang and Lisa Kirby Haines; and D’Arcy Thomson, paralegal specialist. News of this victory was also reported by Securities Class Action Reporter.

 

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