‘Manufactured’ Win for Freddie Mac Reversed by Sixth Circuit

The Ohio Public Employees Retirement System tried to circumvent the normal class-action appeals process by manufacturing a win for Freddie Mac, the Sixth Circuit said Thursday in reversing the lower court’s judgment.

The ruling by Judge David W. McKeague comes after OPERS asked the district court to grant summary judgment in favor of Federal Home Loan Mortgage Corp. and four senior officers, which it was suing for securities fraud following a 2007 drop in stock value. OPERS claimed that after the court denied its motion for class certification and the Sixth Circuit denied its appeal, their theory of the case ...