Sharks Circle Fannie Mae

September 27, 2004, 1:00 a.m. EDT 1 Min Read

WALL STREET - (09/27/04) -- Class action lawyers rushed to courtlast week to see who could be first to sue Fannie Mae over allegedaccounting improprieties. At least four purported class actionsuits were filed in federal court last week claiming that themanagement of the secondary mortgage market giant duped investorsby filing false financial reports. Among the first to file wasMilber Weiss Bershad & Shulman LLP, known as the kinds of classaction. Under court rules, the first to file a suit get to be thelead attorneys in the case, and first in line for large legal fees.The same firms are also suing Freddie Mac, claiming the companycost investors millions of dollars by cooking its books.

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