From Bruce Berkowitz’s fairholme Capital
A Legal Scholar Comments on Judge Sweeney’s Favorable Ruling
In his latest Forbes opinion piece. legal scholar Richard Epstein comments on Judge Margaret Sweeney’s recent Opinion and Order.
In summary, Professor Epstein contends that the government’s delaying discovery is a “dramatic extinction of shareholder rights [that] supplies as a matter of first principle all the information needed to condemn the [Net Worth Sweep] as an illegal action.”
Professor Epstein laments the fact that the entire set of documents has not yet been made available for review by the public and the courts hearing related ongoing cases such as Perry Capital v. Lew.
Professor Epstein posits: “My guess is that the information contained in these documents would influence greatly the analysis of the key underlying issues common to the cases: whether the Federal Housing Finance Agency and the Department of Treasury were in breach of their fiduciary duties in concocting the NWS.”
Fairholme Distributors, LLC (10/16)