1st Amendment Bars Ratings-Based Claims: Moody's

Law360, New York (September 7, 2007, 12:00 AM EDT) -- In an effort to buttress its motion to dismiss Lloyds TSB Bank PLC's securities suit, Moody's Investors Service Inc. on Thursday cited an appellate court decision holding that the First Amendment prevents Lloyds' claims.

Lloyds's securities suit is related to National Century Financial Services Inc.'s 2002 collapse, and is proceeding under the umbrella of that multidistrict litigation.

In a suggestion of additional authority filed Thursday in the U.S. District Court for the Southern District of Ohio, the credit ratings, research and risk analysis provider argued that...
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