Washington Federal v. The United States of America: Two Leading Class-Action Law Firms File Suit Against the U.S. Government On Behalf of Proposed Class of GSE Shareholders

On June 10, 2013, Spector Roseman Kodroff & Willis, P.C., and Hagens Berman Sobol Shapiro, two leading class-action law firms, filed a lawsuit against the United States government on behalf of a proposed class of investors who held common and preferred stock in Fannie Mae and Freddie Mac.

These firms assert in the lawsuit that the U.S. government wiped out an enormous amount of shareholder value when it entered into a conservatorship with Fannie Mae and Freddie Mac, and did so without just compensation or due process. The lawsuit claims that this resulted in a violation of the Due Process and Takings clauses of the Fifth Amendment of the U.S. Constitution.

The lawsuit has been filed in the U.S. Court of Federal Claims. Shareholders who held Fannie Mae or Freddie Mac stock on or before September 5, 2008 may be entitled to compensation and should contact these two firms.

The full complaint can be found here. More information about this case can be found on Hagens Berman Sobol Shapiro’s website here. Spector Roseman Kodroff & Willis, P.C.’s website can be found here.