United States Fifth Circuit

In an action by mortgagors whose mortgages for low-income multi-family housing were held or serviced by the Federal National Mortgage Association (Fannie Mae) and insured by the Department of Housing and Urban Development (HUD), for breach of fiduciary duty, a denial of class certification is affirmed where: 1) the District of Columbia could not have the most significant relationship to the issues unless the fiduciary relationship was created and maintained there, so D.C. law did not apply; 2) it would not be incompatible for Fannie Mae to disgorge profits earned from one fund while not disgorging profits earned from a different fund; and 3) various different state laws applied to the class members.

Appellate Information

• Decided 10/15/2010
• Published 10/15/2010

Judges

• Patrick E. Higginbotham

Court

• United States Fifth Circuit

Counsel