Jacobs v. FHFA –
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FHFA and Treasury and FHFA delivered their Motions to Dismiss and Opening Briefs to Judge Sleet this afternoon. Copies of the four filings are attached to this e-mail message.
FHFA’s argument is: (A) shareholders can’t sue FHFA while the GSEs are in conservatorship; (B) shareholders’ claims aren’t ripe; and (C) HERA trumps Delaware and Virginia corporate law. Treasury’s argument is: (1) Surprise . . . there’s an Eleventh Amendment sovereign immunity issue; (2) HERA blocks shareholder litigation; (3) HERA trumps silly superfluous Delaware and Virginia corporate laws; and (4) Judge Lamberth provides you with the easy roadmap to follow. Okay, I’m embellished a bit. Each of you can take it from here. 🙂 |