$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.
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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.
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