officer, and Leanne G. Spencer, Fannie's former controller dismissing its charges. The three executives maintained their denial of the charges but agreed to the payment of fines totaling about $3 million, which were paid by Fannie's insurance policies. Raines also agreed to donate to charity the proceeds from the sale of $1.8 million of his Fannie stock newly issued to him by the company and to give up stock options, which were valued at $15.6 million when issued. The stock options however had no value. The OFHEO press release said Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses. Raines denied that he gave up any such benefits or paid any money out of pocket for the settlement. A 2008 editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches". In 2003 alone, Raines's compensation was over $20 million. A statement issued by Raines said of the consent order, it "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO". The OFHEO charges were repeated in a class action securities fraud lawsuit filed on September 23, 2004, by the Ohio Attorney General on behalf of Ohio state pension funds and other investors. On September 20, 2012, Federal District Court Judge Richard Leon granted summary judgment to Raines and dismissed him from the suit. The judge noted that over its eight-year history "the parties produced nearly 67 million pages of documents, deposed 123 fact witnesses, and engaged 35 expert witnesses". Despite all of that discovery, Judge Leon found, "plaintiffs have not identified any evidence that Raines knew or, indeed had any reason to know, that Fannie Mae's accounting violated GAAP (Generally Accepted Accounting Principles). Further, plaintiffs have not identified any evidence that Raines intentionally misled investors through his statements concerning the implementation and operation of these accounting policies." The judge also refused to give any credence to the original OFHEO reports. He wrote, "the OFHEO reports were part of an effort to prepare administrative charges against the individual defendants and raise substantial questions of trustworthiness." (Memorandum Opinion September 20, 2012, Judge Richard Leon, United States District Court for the District of Columbia, In re Fannie Mae Securities