S&P Ratings Suit Belongs In State Court, Judge Rules

Law360, Los Angeles (April 25, 2013, 4:02 PM EDT) -- A Connecticut federal judge on Wednesday said Connecticut's lawsuit accusing Standard & Poor's Financial Services LLC of shoddy practices in rating residential mortgage-backed securities and collateralized debt obligations belongs in state court because the company was late in requesting a remand to federal court.

S&P and its parent company, the McGraw-Hill Companies Inc., removed the lawsuit to federal court last month, arguing that a new 30-day period for removal could be triggered because 13 state attorneys general filed similar actions against the ratings agency in February....
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