Rating agencies win dismissal of Ohio funds lawsuit
December 4, 2012 12:56 AM EST
The three major credit rating agencies won a fresh court victory as a federal appeals court rejected claims by five Ohio pension funds alleging that they lost hundreds of millions of dollars on risky mortgage debt because they relied on flawed ratings.
The 6th U.S. Circuit Court of Appeals in Cincinnati upheld the Sept 2011 dismissal of the lawsuit against Moody's Corp's
Pension funds led by the Ohio Police & Fire Pension Fund had claimed to have lost $457 million by having made 308 investments in mortgage debt between January 1, 2005, and July 8, 2008, and relying on ratings they called "unfounded and unjustified."
(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)
Most Popular Slideshows
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Chilling: New ISIS Video Addresses Australia; Aussie Teen Delivers Message
- The Pirate Bay Blockade: Cost Of Blocking Websites Like TPB Is Ridiculously High
- Xiaomi Mi4 And MiPad Prices Likely Slashed, Thanks To Rivals Oppo, OnePlus And Meizu
- Virginia Woman Who Posted Naked Image Of Ex-BF’s New Partner 1st Person Charged Under Revenge Porn Law
- Meizu MX4 Pro To Arrive In November In Black And White Colours, Features Higher Than QHD Display, Exynos 5430 SoC And 3 GB RAM
- Israel Loses A Friend in UN Security Council As New Zealand Replaces Australia
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery