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KELLMER v. RAINES

Nos. 09-5253, 09-7073, 10-5390, 10-5395, 10-5423, 10-5424.

674 F.3d 848 (2012)

James KELLMER, derivatively on behalf of Fannie Mae, a/k/a Federal National Mortgage Association, Appellant v. Franklin D. RAINES, et al., Appellees.

United States Court of Appeals, District of Columbia Circuit.

Decided March 30, 2012.

Attorney(s) appearing for the Case

Matthew E. Miller argued the cause for appellants James Kellmer, et al. On the briefs was Jonathan W. Cuneo.   Robert J. Cynkar , David W. Stanley , and William H. Anderson entered appearances.

Howard N. Cayne argued the cause for appellee/appellant Federal Housing Finance Agency. With him on the brief was David B. Bergman.   Joseph J. Aronica and David A. Felt , Attorney, Federal Housing Finance Agency, entered appearances.

Richard Miles Clark argued the cause for appellees Franklin D. Raines, et al. On the brief were Kevin M. Downey , Joseph M. Terry , Steven M. Salky , Eric R. Delinsky , James D. Wareham , James E. Anklam , and David S. Krakoff.   Holly A. Pal and Alex G. Romain entered appearances.

Before: ROGERS, TATEL, and BROWN, Circuit Judges.

Opinion for the Court filed by Circuit Judge TATEL.

TATEL, Circuit Judge:

For the second time, we have before us a shareholder derivative suit flowing from the Fannie Mae accounting debacle. The district court entered three orders now on appeal. It substituted Fannie Mae's conservator, the Federal Housing Finance Agency (FHFA), for plaintiff shareholders—an order we now affirm. It denied FHFA's motion for voluntary dismissal—an order we now reverse...

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