Fannie Mae, Freddie Mac: Here is Pershings response to the government’s motions referenced in this post
I see no chance the government prevails….as I said before, it was a hail mary from their own 40 and 99 out of 100 times they do not work……this will be one of those times
Michael Mauboussin: Challenges and Opportunities in Active Management And Using BAIT #MICUS
Michael Mauboussin's notes from his presentation at the 2020 Morningstar Investment Conference, held on September 16th and 17th. Q2 2020 hedge fund letters, conferences and more Michael Mauboussin: Challenges and Opportunities in Active Management Michael Mauboussin is Head of Consilient Research at Counterpoint Global in New York. Previously, he was Director of Research BlueMountain Capital, Read More
Defendants ask this Court to rule retroactively that Plaintiffs were drafted into a set of different cases several months ago without anyone—the parties or the Court—realizing it, and then to hold, again retroactively, that Plaintiffs are bound by the Court’s dismissal of those other cases. Defendants seek such a result notwithstanding that Plaintiffs never received notice of or an opportunity even to contest this secret consolidation, let alone to file a merits brief in any of the various cases. The basis for this argument is a Consolidation Order that, by its own terms, could not have been applied to Plaintiffs’ case without following a set of specific procedures and providing Plaintiffs an opportunity to respond, none of which occurred here. Defendants thus attempt to revive Plaintiffs’ case—which Plaintiffs voluntarily dismissed more than a month ago—so that it can be reinterred on Defendants’ preferred terms. Moreover, as Defendants imply (Mot. to Strike at 2–3), they seek this relief solely so that they can try to use the resulting order to their advantage in proceedings before other courts.
ere, the plaintiffs in the other Net Worth Sweep cases have all filed notices of appeal.See, e.g., Notice of Appeal, In re Fannie Mae/Freddie Mac, No. 13-1288 (D.D.C. Oct. 15, 2014) (ECF No. 49). “The filing of a notice of appeal … ‘confers jurisdiction on the court of appeals and divests the district court of control over those aspects of the case involved in the appeal.’”
United States v. DeFries, 129 F.3d 1293, 1302 (D.C. Cir. 1997) (per curiam) (citation omitted). Thus, even if the Court accepted Defendants’ argument, there is simply nothing to consolidate Plaintiffs’ case into, since the Court no longer has jurisdiction over the consolidated cases. Exhuming Plaintiffs’ suit would be entirely pointless, and could not possibly accomplish Defendants’ desired result.
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