Kellmer v. Raines, et al., No. 09-5253 (D.C. Cir. 2012)Annotate this Case
Plaintiffs filed derivative actions asserting claims against Fannie Mae's directors regarding accounting irregularities. The district court entered three orders now on appeal, substituting Fannie Mae's conservator, the FHFA, for plaintiff shareholders. The court affirmed the orders but reversed and remanded with instructions to dismiss the complaint without prejudice. The court also held that dismissal on the grounds of claim preclusion was moot.