Ohio Sues Freddie Mac

The state of Ohio, on behalf of its pension funds, continues to supplement pending securities class actions with its own individual suits. Over the weekend, the Washington Post reported that Ohio has both individually sued Freddie Mac and certain former officers for securities fraud and filed a motion asking that it be named lead plaintiff in the securities class action. The state currently has individual suits pending against AOL Time Warner (discussed in The 10b-5 Daily here), Enron, and WorldCom and is the lead plaintiff in a securities class action against Global Crossing.

Quote of note: “‘I don’t mean be excessively litigious, but I think in terms of what we’ve seen, we need to see more corporate accountability,’ [Ohio Attorney General Jim Petro] said.”

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