Freddie Mac to settle pension litigation

Published: Aug. 21, 2006 at 9:48 AM
Related Company

MCLEAN, Va., Aug. 21 (UPI) -- Federally chartered mortgage lender Freddie Mac agreed to pay $4.65 million to settle class action litigation over its pension.

The proposed settlement seeks to resolve the Employee Retirement Income Security Act class action litigation that was filed following the company's restatement of financial results for the years 2000 through 2002.

Freddie Mac said Monday it is not admitting any wrongdoing.

"Today's proposed settlement further demonstrates our commitment to resolving past issues so that we can maintain our focus on achieving our mission, serving our customers and running our business well," said Richard F. Syron, Freddie Mac's chairman and chief executive officer.

The payment, which will be fully covered by insurance, is subject to the negotiation and execution of final documentation and preliminary and final approval by the court.

© 2006 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
Philanthropy offers free genetic tests (7 min)
Pre-k student in trouble over long hair (18 min)
Poblete gives birth to premature boy (22 min)
Confidence and benefits back at Ford (23 min)
Parking valet crashes Vancouver airport (23 min)
Neuron grafts help rats regain lost memory (56 min)
Reeling Steelers lose DB Polamalu longer (59 min)
fark
Drinking tea and coffee 'can prevent diabetes'... 1 large Caramel Brulee Frappuccino Blended Crème...
Best reason for convincing your wife you need a cool, big-screen, flat panel TV for Christmas: It's...
"After claims last year of cough linctus in the gravy, Wigan event sees anger and a walkout over...
Joint Mentally Incontinent, Fark book signing and Fark Party- downtown Indianapolis tomorrow night,...
Not news: Man hit by train, killed. Fark: Train was a dinner theater murder mystery train full of...
If you are expected in court to face a fleeing charge, you might as well go all in and firebomb...