Freddie Mac failed to win a complete summary judgment against an insurer who declined to pay claims related to a 2008 SEC investigation. The judge’s ruling makes it more likely the case goes to trial and discovery.

AXIS Insurance became the second entity to settle in a Freddie lawsuit alleging that some D&O insurance providers refused to properly reimburse the GSE for legal expenses incurred during the 2008 crisis.

Although a Republican victory in November might revive efforts to release the GSEs from conservatorship, this would likely be a multi-year effort, according to the former FHFA director.