$FNMA #FANNIEGATE
Michael E. Kelly, CEO and sole common shareholder of FBOP Corporation (which owns nine banks) and River Capital Advisors, Inc., filed a complaint in the U.S. Court of Federal Claims Friday, and a copy of the filing is attached to this e-mail message.
Mr. Kelly, FBOP, the nine banks and River Capital say the government illegally placed Fannie and Freddie into conservatorship, caused nearly $900 million of Tier 1 capital in the form of GSE preferred shares to vanish, and caused the nine banks to fail in 2009.
The Kelly Plaintiffs say the six-year statute of limitations generally applicable to their claims was tolled so long as Washington Federal's class action lawsuit was pending before Judge Sweeney.
The Kelly Plaintiffs are represented by lawyers at Hagens Berman and Cohen Millstein. The case was randomly assigned to the Honorable Kathryn C. Davis.
Enjoyed this? Get more like it.
Glen's Musings — AI, investing, and building things. Occasional. Free.
Glen Bradford
Investor · Builder · Writer
MBA from Purdue. Former hedge fund manager. Holds 26 series of Fannie Mae and Freddie Mac junior preferred stock. Built Cloud Nimbus for Salesforce consulting. Author of Act As If. Writes about investing, building things, and the longest financial fraud in American history.
More in Fanniegate
Keep Exploring
Fanniegate Timeline & Evidence
The full timeline, 8 books, and the current status of recapitalization.
Read moreCurrent Positions
26 series of junior preferred stock across Fannie Mae and Freddie Mac.
Read moreFannie & Freddie Privatization Guide
Timeline, recap plan, and what privatization means for preferred and common shareholders.
Read moreScreenplayFANNIEGATE: The Hero Movie
One guy from Indiana who bet everything on Fannie Mae and wouldn't shut up. Full screenplay.
Read moreDisclaimer: This blog post reflects the author's personal opinions at the time of writing and is not financial, investment, or legal advice. Glen Bradford holds positions in securities discussed on this site. Past performance is not indicative of future results. Do your own research and consult qualified professionals before making investment decisions. Some content on this site was generated or edited with AI assistance.