Wall Street’s Legal Nemesis Sidelined in Fannie Rigging Case
- Quinn Emanuel spent $750,000, named 27 traders in lawsuit
- U.S. judge chooses law firms with fewer resources to run case
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A top Manhattan class-action lawyer spread anxiety across trading desks recently when he identified 27 traders by name in a lawsuit alleging that their employers colluded to rig trading in Fannie Mae and Freddie Mac bonds.
Now, the lawyer’s suit is effectively on hold -- meaning that any evidence he collected could remain under wraps, while the traders may have no legal venue for answering any questions the filing may have raised.