$fnma #fanniegate

Fairholme delivered its petition to initiate an interlocutory appeal to the Federal Circuit on Friday, placing these six questions before the appellate tribunal:

    (A) Whether the court lacks subject-matter jurisdiction over plaintiffs’ direct claims for breach of fiduciary duty and breach of implied-in-fact contracts;

    (B) Whether plaintiffs who purchased stock in Fannie and Freddie after the PSPA amendments lack standing to pursue their direct claims;

    (C) Whether plaintiffs lack standing to pursue their self-styled direct claims because those claims are substantively derivative in nature;

    (D) Whether plaintiffs have standing to assert derivative claims notwithstanding HERA’s succession clause;

    (E) Whether the [FHFA-as-conservator’s] actions are attributable to the United States such that the court possesses subject-matter jurisdiction to entertain plaintiffs’ derivative takings and illegal exaction claims; and

    (F) Whether plaintiffs’ allegations that the FHFA entered into an impliedin-fact contract with the Enterprises to operate the conservatorships for shareholder benefit fail as a matter of law;

and a copy of that filing is attached to this e-mail message.

20-121-0002Download