Bank Co-Op's $100M MBS Suit Sent Back To State Court

Law360, New York (December 21, 2009, 7:20 PM EST) -- The Federal Home Loan Bank of Pittsburgh’s suit against Moody’s Investors Service Inc., The McGraw-Hill Cos. Inc. and JPMorgan Securities Inc. regarding their allegedly overly rosy investment outlook for a $100 million mortgage-backed security will proceed in state court, a federal judge ruled Monday.

Judge Arthur J. Schwab of the U.S. District Court for the Western District of Pennsylvania granted FHLBP’s motion to remand the case, finding that although the banking co-operative has 320 members, the suit is not subject to the Class Action Fairness Act....
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