Ohio Attorney General Jim Petro has filed a securities fraud, class-action lawsuit against Fannie Mae, alleging the mortgage buyer manipulated its earnings to artificially inflate the price of its common stock. The suit was filed in U.S. District Court, Southern District of Ohio on behalf of the Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, Ohio Bureau of Workers' Compensation and all other purchasers of Fannie Mae common stock from Oct. 11, 2000, through Sept. 22, 2004. "These defendants manipulated earnings in a fraudulent scheme to deceive investors about Fannie Mae's true financial state," Petro said in a statement. "This deception could cost shareholders billions of dollars." A Fannie Mae spokesman, Brian Faith, said the company would not comment on the lawsuit. The complaint alleges that Fannie Mae and its top executives–Franklin D. Raines, J. Timothy Howard and Leanne G. Spencer–artificially inflated the company's publicly trad...
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