Ratings Agencies Dismissed From IndyMac MBS Suit

Law360, New York (February 8, 2010, 12:39 PM EST) -- A federal judge has dismissed three ratings agencies from a class action against IndyMac Bank over $61 billion in mortgage-backed securities, citing his own recent ruling in a similar suit that such agencies cannot be held liable under the Securities Act of 1933.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York on Friday dismissed Moody's Investor Services Inc., Fitch Ratings and Standard & Poor's, a unit of The McGraw-Hill Cos., from the securities class action.

Judge Kaplan concluded...
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