MINNEAPOLIS, Nov. 10, 2008 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced against Federal National Mortgage Association ("Fannie Mae") (NYSE:FNM) for violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Complaint was filed in the United States District Court for the District of Columbia on behalf of a class of all persons who were participants in or beneficiaries of the Employee Stock Ownership Plan (the "Plan" or the "ESOP") between April 17, 2007 and the present (the "Class Period") and whose accounts included investments in Fannie Mae common stock.
The Complaint alleges that certain Defendants, each having certain responsibilities regarding the management and investment of Plan assets, breached their fiduciary duties to the Plan and proposed Class by failing to prudently and loyally manage the Plan's investment in Company securities by: 1) continuing to invest Plan assets in Fannie Mae common stock when it was imprudent to do so; and 2) maintaining the Plan's pre-existing investments in Fannie Mae equity when Company stock was no longer a prudent investment for the Plan.
If you are a participant in the Federal National Mortgage Association Employee Stock Ownership Plan and held Fannie Mae stock in the Plan, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685