NEW YORK--(BUSINESS WIRE)--Attorneys at national investor-protection law firm Hagens Berman have launched a new investigation into price manipulation in the $550 billion market for unsecured bonds issued by Fannie Mae (OTCQB: FNMA) and Freddie Mac (OTCQB: FMCC). The firm is seeking information about potential antitrust violations and other fraud in this market.
If you have invested in these bonds or have insider information regarding activity in the secondary market for Fannie Mae and Freddie Mac’s unsecured bonds, submit your information confidentially via the firm’s secure tipline here: https://www.hbsslaw.com/hagens-berman-investor-fraud-center/whistleblowers-contact-us-confidentially or email Hagens Berman’s legal team at firstname.lastname@example.org.
Reports surfaced June 1, 2018, and disclose that the Department of Justice has opened a criminal investigation into whether traders at several banks coordinated with others to manipulate pricing of these unsecured bonds at the expense of other investors. This debt is referred to in the industry as “agencies” and often traded by government bond desks.
“Price collusion in this $548 billion bond market could have dire effects on countless investors and entities,” said Steve Berman, managing partner of Hagens Berman. “We intend to leave no stone unturned in our investigation of manipulative activity in this market.”
Berman has led some of the largest cases in history, including antitrust matters, investor-rights cases, and whistleblower fraud claims. He secured the world’s largest settlement in history against Big Tobacco, and has been awarded for his years of groundbreaking work.
“Pricing manipulation has become an epidemic. The recent spate of guilty pleas and settlements in the interest rate and foreign-exchange manipulation investigations show the depth of this sort of fraud by some of the largest players in global finance,” added Shayne C. Stevenson, head of the firm’s whistleblower practice and counsel to several high-profile whistleblowers in market manipulation cases. “Whistleblowers have a critical role to play under Dodd-Frank in holding accountable those persons and entities who engage in criminal market manipulation.”
Hagens Berman Sobol Shapiro LLP is a nationally recognized law firm with ten offices across the country supporting the rights of whistleblowers, investors, consumers and others. More about the law firm and its whistleblower successes can be found at www.hbsslaw.com/whistleblower. Follow the firm’s whistleblower Twitter account for updates and news at @WhistleblowerHB.