Here’s my shortest version of today’s Opinion (Chapman, Peter):
“[C]ontract-based claims regarding liquidation preferences and dividend rights,” the three-judge panel directs, “are remanded to the district court for further proceedings.” Opinion at 5. The D.C. Circuit sees “no need to remand the claims for the district court to consider a fuller administrative record.” Id. at 33, n. 12. The class plaintiffs secured the D.C. Circuit’s permission to ask Judge Lamberth for his permission to “amend the[ir] complaint to add” new “direct fiduciary breach claims regarding the Fannie Mae Third Amendment.” Id. at 61. The D.C. Circuit instructs Judge Lamberth to “evaluate . . . under the correct legal standard . . . whether the Third Amendment violated the reasonable expectations of the parties at the various times the class plaintiffs purchased their shares.” Id. at 68.