Fannie Mae, KPMG to Pay $153M to Settle Class Action

Fannie Mae and accounting firm KPMG LLP agreed May 7 to pay $76.5 million each—for a total of $153 million—to settle a class action in the U.S. District Court for the District of Columbia alleging that they deceived investors by issuing materially false and misleading financial reports (In re Fannie Mae Securities Litigation).

Ohio Attorney General Mike DeWine said in a news release that the settlement will end litigation that began in 2004, with a complaint filed by Ohio Public Employees Retirement System and State Teachers Retirement System of Ohio.

“I am pleased to see this litigation finally ...