Moody's, S&P Want Out Of Merrill Lynch ARS Case

Law360, New York (April 14, 2010, 2:10 PM EDT) -- Credit rating agencies Moody's Investors Service Inc. and Standard & Poor's Financial Services LLC have asked a court to throw out a suit against them in multidistrict litigation accusing Merrill Lynch & Co. Inc. of misleading investors in the sale of risky auction rate securities.

Moody's and S&P, a division of The McGraw-Hill Cos. Inc., said the plaintiff's one cause of action against them for negligent misrepresentation is “fundamentally defective and illogical on its face,” according to the motion to dismiss the first amended complaint, filed...
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