Freddie Mac to settle suit for $410M

MCLEAN, Va., April 21 (UPI) -- Virginia's mortgage giant Freddie Mac agreed to pay $410 million to settle shareholder lawsuits.

The suits, against the company and former officials, stemmed from accounting errors that forced it to restate earnings by $5 billion from 2000 to 2002, The Washington Post reported Friday.

The settlement requires court approval.

Richard F. Syron, Freddie Mac chairman and chief executive, said in a statement that the agreement, "like the settlement announced earlier this week with the Federal Election Commission, enables this management team to resolve past issues so that we can focus squarely on meeting our important housing mission, running the business well and serving the needs of our customers."

Earlier this week, the FEC announced that Freddie Mac had agreed to pay a record $3.8 million fine for violations of U.S. campaign financing laws.