Moody's Shareholder Suit Sent Back To NY State Court

By Christopher Norton

Law360, New York (February 24, 2010, 1:35 PM ET) -- A federal judge has remanded a shareholder derivative suit against Moody's Corp. and several of its directors over their structured finance credit ratings back to New York state court at the plaintiffs' request, saying there was no basis for the suit's removal in the first place.

Judge Sidney H. Stein in the U.S. District Court for the Southern District of New York on Tuesday ruled that the amended complaint presents no federal question and the defendants identified no other basis for invoking the district court's original...
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