Harwood Feffer LLP and Kessler Topaz Meltzer & Check LLP Announce Proposed Class Action Settlement and Settlement Hearing Regarding the In Re: 2008 Fannie Mae ERISA Litigation

NEW YORK, June 4, 2015 /PRNewswire/ -- Co-Lead Class Counsel hereby give Notice, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that a settlement of the above-named class action (the "Settlement") has been preliminarily approved by the Court.

THE PROPOSED SETTLEMENT CLASS WILL CONSIST OF ALL PERSONS (EXCLUDING DEFENDANTS AND THEIR PLAN BENEFICIARIES) WHO WERE PARTICIPANTS IN OR BENEFICIARIES (INCLUDING ALTERNATE PAYEES) OF THE FEDERAL NATIONAL MORTGAGE ASSOCIATION EMPLOYEE STOCK OWNERSHIP PLAN (THE "PLAN") AT ANY TIME BETWEEN APRIL 17, 2007 AND MAY 14, 2010 (THE "CLASS PERIOD"), AND WHOSE ACCOUNTS INCLUDED INVESTMENTS IN THE FANNIE MAE STOCK FUND AT ANY POINT DURING THE CLASS PERIOD.

A Settlement has been preliminarily approved by a Federal Court in a class action lawsuit against certain current and former officers and directors of the Federal National Mortgage Association ("Fannie Mae"), alleging breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 ("ERISA").  The lawsuit is referred to herein as the "Action."  This Settlement will provide for a Settlement Payment of $9,000,000 (Nine Million U.S. dollars), minus Court-approved attorneys' fees and expenses and costs of administering the Settlement.  Any Case Contribution Awards to the two named Plaintiffs will be paid separately and in addition to the Settlement Fund.  The Settlement will be allocated to Plan participants who were invested in the Fannie Mae Stock Fund during the Class Period pursuant to the Court-approved Plan of Allocation. 

A final approval hearing (the "Final Approval Hearing") will be held on August 13, 2015 at 3:00 p.m., before the Honorable Paul A. Crotty, United States District Court Judge, in Courtroom 14C, or such other courtroom as the Court may designate, to determine, among other things:  (1) whether the proposed $9 million Settlement should be granted final approval; (2) whether the proposed Plan of Allocation is fair, reasonable, and adequate; (3) whether Co-Lead Class Counsel's request for an award of attorneys' fees, reimbursement of litigation expenses and for Case Contribution Awards to the two named Plaintiffs in recognition of their representation of the Settlement Class should be approved; and (4) whether the Action and the claims of the members of the Settlement Class against Defendants should be dismissed.

If you are a member of the Settlement Class as defined above, your rights may be affected by the proposed Settlement and release of Parties and claims, as set forth in the Settlement Agreement and Release (the "Settlement Agreement").  The Defendants and their Plan beneficiaries are excluded from the Settlement.

Although you cannot exclude yourself from the Settlement, you may object to all or part of the Settlement in accordance with the Notice. Any objection to the Settlement, must be in writing and filed with the Clerk of the Court and served upon each of the following law firms no later than July 23, 2015, at the addresses listed below:

If the Settlement is approved by the Court and you are entitled to receive a payment under the Settlement Agreement, you will receive your recovery without having to file a claim.

If you are a member of the Settlement Class and have not yet received a Class Notice, or if you want more information regarding anything in this Publication Notice, you may obtain such information by visiting www.FannieMaeERISAsettlement.com, by calling Berdon Claims Administration toll‑free 1-800-766-3300, by writing to Co-Lead Class Counsel listed above, or by sending an email to [email protected].

DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, FANNIE MAE, OR DEFENDANTS REGARDING THIS NOTICE.  THEY WILL NOT BE ABLE TO ANSWER YOUR QUESTIONS.

SOURCE Berdon Claims Administration LLC