David J. Voacolo, a New Jersey resident who purchased 50,000 shares of Fannie Mae common stock in Aug. 2009, sued Fannie, FHFA and Treasury earlier today. A copy of Mr. Voacolo’s complaint, filed in the U.S. District Court for the District of Columbia, is attached to this e-mail message.
Mr. Voacolo is proceeding under the Administrative Procedures Act and alleges an illegal exaction under the Fifth Amendment to the U.S. Constitution. Based on what the government said following his purchase of Fannie Mae stock, Mr. Voacolo alleges that the government has earned a sufficient return on its investment and Fannie Mae’s future profits should flow to common shareholders.
Mr. Voacolo is represented by Alexander J. E. English, Esq., in Jessup, Md., and Afia SenGupta, Esq., and Angela Lipsman, Esq., at Brus Chambers LLC, in New York City. You’ll recall seeing Mr. Voacolo and Brus Chambers’ names in Exhibit 1 to FHFA’s Transfer Motion presented to the Judicial Panel on Multidistrict Litigation on Mar. 15, 2016.