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
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Chris Martin Getting Serious With Jennifer Lawrence, Actress Joining Coldplay Tour [PHOTOS]
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
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
- Sept 19 iPhone 6 Release Date Firms Up as iWatch Rollout Delayed to Jan 2015 – Reports
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- North Korea Banker Who Manages Money of Kim Jong-un Defects to Russia With $5 Million
- Google Chrome 64-bit for Windows 8 and Window 7 with Mac Beta Available
- Nexus 4, Nexus 5, Nexus 7, Nexus 10 New Paranoid Android 4.5 Beta 2 Update Guide
- Nexus 6 on Release Date Confirmed with Phablet-Size Display as FCC Filing Hints of 5.9-Inch Screen
- Finally, OnePlus One Can Be Purchased Without An Invite; Pre-Order Starts From October