The Collins Plaintiffs delivered their amended complaint to Judge Ellison yesterday evening, and a copy’s attached to this e-mail message. Predictably, the amended complaint says shareholders were harmed because the delay in dismissing Director Watt gave the Trump Administration insufficient time to end the conservatorship proceedings. The amended complaint also says FHFA’s funding system is constitutionally flawed and that’s another reason the Third Amendment is invalid. That new argument about FHFA’s budgetary independence problem is discussed in a concurring opinion dated May 22, 2022, by Judge Jones in CFPB v. All American, and a copy of that recent Fifth Circuit decision is also attached to this e-mail message.
The parties have agreed to submit a status report on Wed., June 15, letting Judge Ellison know about any new developments, and the government is scheduled to respond to the amended complaint on Mon., July 18.
