The U.S. Supreme Court dealt hedge funds and other big investors a blow yesterday by refusing to revive core parts of lawsuits that challenged the federal government’s capture of billions of dollars in profits generated by Fannie Mae and Freddie Mac, Bloomberg News reported. The justices provided no comment on why they rejected appeals filed by Perry Capital LLC, Fairholme Funds and other Fannie and Freddie shareholders. The rebuff leaves intact a federal appeals court ruling from a year ago that sent Fannie and Freddie shares plunging.
