Shareholder Can't Get Head Start In S&P Suit, Judge Says

Law360, New York (May 17, 2013, 3:40 PM EDT) -- A Florida pension fund can't use a special proceeding to get an upper hand in before bringing a shareholder derivative suit against McGraw-Hill Financial Inc. over the role of its affiliate Standard & Poor's in the mortgage-backed securities crisis, a New York state judge ruled Friday.

Judge Jeffrey K. Oing batted away the North Miami Beach pension fund's request to see a large swath of documents from McGraw-Hill about its rating agency affiliate, saying that it can't use a special proceeding to inspect books and records...
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