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Representative Matters
- Representing Freddie Mac in approximately 20 securities class action and derivative lawsuits brought in several jurisdictions in the wake of Freddie Mac’s $5 billion restatement of earnings for the years 1999-2002. The lawsuits charged that Freddie Mac fraudulently inflated the price of its stock during the restatement period by “smoothing” its earnings. We defended the Company through two years of intensive discovery and motion practice. After an important victory on a novel defense to plaintiffs’ class certification motion, we obtained a very favorable comprehensive global settlement of the actions in April 2006.
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