Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, July 6, 2007

Former Fannie Mae CEO Sues Over Stock Award

Franklin Raines, former CEO of Fannie Mae, filed suit challenging the Office of Federal Housing Enterprise Oversight's power to delay the receipt of last month's award of 58,812 shares worth $3.9 million.  The agency has sought more information on how the board determined the number of shares awarded to Raines and other executives.  The stock awards are pegged to the company's performance from 2003-2006, including the period when earnings were misstated and regulators allege the company was mismanaged.  Raines left Fannie Mae in 2004.  See WPost, Raines Sues OFHEO Over Stock.

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