Investor Manufactured Summary Judgment Ruling To Bypass Rule 23(f), Panel Rules

Mealey's (April 10, 2023, 10:12 AM EDT) -- CINCINNATI — A Sixth Circuit U.S. Court of Appeals panel sent a shareholder’s appeal of class certification and summary judgment rulings in a securities class action against Federal Home Loan Mortgage Corp. (Freddie Mac) over its failure to disclose its exposure to the subprime mortgage lending crisis back to a federal district court, ruling that the lower court’s summary judgment decision was “manufactured” by the shareholder “in an apparent attempt to circumvent the requirements” of Federal Rule of Civil Procedure 23(f) and, thus, was not final....