Fannie Mae and KPMG LLP agreed to settle an eight-year-old investor class action for $153 million, according to Ohio Attorney General Mike DeWine, whose state’s employee pension fund was a plaintiff in the case.
The European Parliament may ease a planned ban on fund-manager bonuses that top fixed pay if investors get to vote on the larger awards, bringing the rules closer into line with those approved yesterday by national ambassadors on how much bankers can be compensated.
The U.S. Securities and Exchange Commission agreed to drop an administrative action against former Goldman Sachs Group Inc. director Rajat Gupta, and he pledged to dismiss a lawsuit claiming the regulatory proceeding violated his constitutional rights.
U.S. state- and local-government bond underwriters may have to disclose more information about donations to election campaigns backing new debt sales, under a proposal by the Municipal Securities Rulemaking Board.
Doug Duncan, vice president and chief economist at the Federal National Mortgage Association, says 4.5 million Americans are more than three payments behind on their mortgages. Duncan talks with Bloomberg's Pimm Fox and Courtney Donohoe on Bloomberg Radio's "Taking Stock."
Fannie Mae and Freddie Mac, the home mortgage-finance companies now under government control, were accused by Miami-Dade County, Florida, of failing to pay transfer taxes when they took ownership and sold thousands of foreclosed properties.
Fannie Mae sued insurance companies, including Great American Financial Resources Inc. and The Travelers Cos., claiming they are responsible for losses on the $131 million Fannie Mae paid for fraudulent mortgage loans.