Franklin Raines, the ousted chairman of mortgage securities concern Fannie Mae, has filed suit against government regulators in order to receive a $3.9 million stock award.

Raines argued that Fannie Mae's overseer, the Office of Federal Housing Enterprise Oversight, cannot delay the payment, which was part of a deferred compensation award following Raines’ exit from the company.

Raines left Fannie Mae after it was discovered that the company had overstated its profits and was forced into a $6.3 billion restatement.

Since then, the government has filed more than 100 charges against Raines, former Fannie Mae chief financial officer Timothy Howard and the company's former controller, Leanne Spencer, seeking fines and the return of millions in bonus money.

More recently, in a filing with the U.S. District Court here, Raines charged regulators with withholding documents, which showed a deliberate attempt to drive down the stock price of the mortgage securities concern.

A hearing is scheduled for July 16.

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