(Reuters) – Activist Bill Ackman’s Pershing Square Capital Management LP filed its second lawsuit in two days against the U.S. government over bailout of Fannie Mae (>> Federal National Mortgage Assctn Fnni Me) and Freddie Mac (>> Federal Home Loan Mortgage Corp), court documents show.
In Friday’s complaint with the U.S. District Court, Pershing Square alleged that the Department of the Treasury illegally seized tens of billions of dollars in Fannie and Freddie profits.
Pershing Square, the largest shareholder of both the mortgage companies, said in the complaint that it was told the Fannie and Freddie stockholders no longer have fundamental shareholders rights.
Fannie’s and Freddie’s conservator, Federal Housing Finance Agency (FHFA), denied “written demands by Pershing Square to the companies’ boards of directors for a books and records inspection”, according to the complaint.
In the second lawsuit, Pershing suggests the mortgage companies’ dividends being paid to…
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