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Judge Sweeney Should Let Discovery Continue on Fannie and Freddie

Forbes, By Richard Epstein

On October 28, 2014, the United States sought to follow up the major advantage that it received from the decision of Judge Royce Lamberth on September 30, 2014, which dismissed all the claims brought by the junior preferred shareholders of Fannie Mae and Freddie Mac to set aside the Third Amendment of August 2012 of the Senior Preferred Stock Purchase Agreements (SPSPA) of September 2008. As I have urged in previous posts, here, here and here, that I have made as a consultant to some institutional investors regarding this litigation, I think that Judge Margaret Sweeney should reject the government’s motion and allow the discovery to go forward in her court in accordance with her original order. The arguments here go both to matters of procedure and to substance.

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