(Bloomberg) Fannie Mae and KPMG LLP agreed to pay $153 million to settle an eight-year-old investor class action, according to Ohio Attorney General Mike DeWine, whose state’s employee pension fund was a plaintiff in the case.

Shareholders sued Washington-based Fannie Mae over a $6.3 billion overstatement of earnings, alleging that the company and its auditor, the accounting firm KPMG, were involved in issuing false and misleading financial reports in violation of federal securities law.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access