Moore, Cooper should resolve differences
Thursday, December 4th, 2008
By Staff
A dispute between two of North Carolina's most respected Democrats cost the state the opportunity to be the lead plaintiff in a class action lawsuit against mortgage backer Freddie Mac – and may well affect a second suit against the other government-supported mortgage company, Fannie Mae.
The failure to cooperate leaves North Carolinians to wonder how much of the disagreement centered on different interpretations of the law and how much had to do with turf issues.
Surely, with a phone call or two Treasurer Richard Moore and Attorney General Roy Cooper could have found a way to present a united front to a federal judge in New York. The judge found that North Carolina had the most money at stake in the Freddie Mac suit, about $18 million in state pension funds, but denied the state lead plaintiff status.
“Given the uncertainty surrounding the Treasurer's legal authority to act on the (state retirement system's) behalf, the Court cannot accept his certification that (the retirement system) is willing and able to serve as lead plaintiff,” U.S. District Court Judge John Keenan wrote, according to a report in the Raleigh News & Observer. (more…)
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