Case Details for "Fannie Mae"

Investigation of Fannie Mae for potential violations of the Employee Retirement Income Security Act

The investigating against Federal National Mortgage Association ("Fannie Mae" or the "Company") (NYSE:FNM) for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA") focuses on investments in Company stock in the Federal National Mortgage Association Employee Stock Ownership Plan (the "Plan").

The investigation involves concerns that Fannie Mae and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.

Investigators are speaking with participants in the Fannie Mae Employee Stock Ownership Plan who held Company stock in the Plan.

Posted on:03/15/2009
Company: Fannie Mae
Affected Class: participants in the Fannie Mae Employee Stock Ownership Plan who held Company stock in the Plan
Scope: Nationwide

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