The class action claims Freddie Mac was deeply invested in the sub-prime mortgage industry and failed to disclose that it was not protecting itself from the billion-dollar risks it incurred. The action was filed on behalf of the OPERS to benefit the fund and all other shareholders similarly harmed by the company's investment in securities backed by sub-prime mortgage loans. OPERS losses as a result of the alleged fraud could be as high as $27.2 million.
A class action lawsuit has been filed against the mortgage and financial company for allegedly artificially inflating the company's publicly traded common stock through false public financial statements denying its exposure to the sub-prime mortgage industry. The lawsuit was filed in United States District Court, Northern District of Ohio, Youngstown Division, on behalf purchasers of Freddie Mac common stock and the Ohio Public Employees Retirement System (OPERS) from August 1, 2006 through November 23, 2007.
The class action claims Freddie Mac was deeply invested in the sub-prime mortgage industry and failed to disclose that it was not protecting itself from the billion-dollar risks it incurred. The action was filed on behalf of the OPERS to benefit the fund and all other shareholders similarly harmed by the company's investment in securities backed by sub-prime mortgage loans. OPERS losses as a result of the alleged fraud could be as high as $27.2 million.
The class action claims Freddie Mac was deeply invested in the sub-prime mortgage industry and failed to disclose that it was not protecting itself from the billion-dollar risks it incurred. The action was filed on behalf of the OPERS to benefit the fund and all other shareholders similarly harmed by the company's investment in securities backed by sub-prime mortgage loans. OPERS losses as a result of the alleged fraud could be as high as $27.2 million.
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