WASHINGTON, March 14, 2016 /PRNewswire/ -- On Tuesday, March 15 at 2:00pm EDT, Investors Unite Executive Director Tim Pagliara will host a teleconference to update Investors Unite members and the media on suits he has filed in Delaware and Virginia to inspect corporate records of Fannie Mae and Freddie Mac related to the Net Worth Sweep.
Fannie Mae and Freddie Mac were placed under conservatorship at the height of the financial crisis in late 2008. When the companies returned to profitability in 2012, the terms of their agreements with the U.S. Department of Treasury were amended to force them to turn over all their profits to the Treasury every quarter. This so-called Net Worth Sweep has prompted several shareholder lawsuits. Pagliara's complaints filed today are the first to focus on a shareholder's right to inspect corporate records pursuant to the state corporate laws under which each company operates.
Pagliara is the founder of CapWealth Advisors. He is also the executive director of Investors Unite, a coalition of individual investors committed to preserving shareholder rights for those invested in Freddie Mac and Fannie Mae. Pagliara is not acting on behalf of Investors Unite in this litigation.
Joining Pagliara for the teleconference will be Barr Flinn, who is representing him in Delaware in the complaint against Fannie Mae, and Tom Connally, who is representing him in Virginia in the complaint against Freddie Mac.
To view the filings, visit the Investors Unite website.
To join the teleconference, please RSVP to firstname.lastname@example.org.
WHAT: IU Teleconference on Pagliara Lawsuit against Fannie, Freddie
WHEN: March 15, 2016 at 2:00pm EDT
DIAL IN: Toll Free: (800) 230-1093
RSVP: Please RSVP to email@example.com
About Investors Unite: Formed by Tennessee investor and CapWealth Advisors Chairman and CEO, Tim Pagliara, Investors Unite (investorsunite.org) is a coalition of over 1,500 private investors from all walks of life, committed to the preservation of shareholder rights for all invested in Fannie Mae and Freddie Mac. The coalition works to educate shareholders and lawmakers on the importance of adopting GSE reform that fully respects the legal rights of Fannie Mae and Freddie Mac shareholders and offers full restitution on investments.
SOURCE Investors Unite