S&P, Moody's Didn't Underwrite Merrill Securities: Judge

Law360, New York (June 1, 2010, 7:41 PM EDT) -- A federal judge on Tuesday reaffirmed the dismissal of McGraw-Hill Cos., Moody's Investors Service Inc. and others from a class action over the sale of purportedly flawed mortgage pass-through certificates, clarifying the court's position that credit rating agencies cannot be sued as underwriters.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York explained the reasoning behind his March 31 dismissal of those companies with prejudice, along with Credit-Based Asset Servicing and Securitization LLC, Merrill Lynch Mortgage Lending Inc. and...
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