Leanne Spencer, the former controller for Fannie Mae, was dismissed on Nov. 20 from a federal securities class action against the mortgage giant, making her the third former executive to win summary judgment since September, the American Law Daily reported on Friday. U.S District Judge Richard Leon found that the plaintiffs, former Fannie Mae shareholders, failed to present enough evidence that Spencer acted with the intent to deceive. Fannie Mae is accused of manipulating earnings and violating established accounting principles; Spencer individually was accused of making false statements about the company's practices and misleading investors.
