Fannie Mae begins investor payouts
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Money has started to be distributed to shareholders hurt by an alleged accounting fraud at Fannie Mae under a $400-million settlement signed last year with the mortgage giant, federal regulators said Monday.
The Securities and Exchange Commission said the full amount that will go to shareholders, $357 million, is expected to be distributed by October. It is one of the largest such distributions in recent years, the result of the Sarbanes-Oxley law that followed the 2002 corporate scandals.
Investors may be eligible for compensation if they bought Fannie Mae common stock from Jan. 14, 1999, to Dec. 22, 2004, or Class N preferred stock from Sept. 25, 2003, to Dec. 22, 2004.
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