Morningstar Can't Sue Ponzi Schemer, Judge Rules

Law360, New York (June 5, 2012, 5:35 PM EDT) -- A Pennsylvania federal judge on Monday blocked Morningstar Inc.'s bid to file breach of contract and indemnity claims against the receivership estate of convicted Ponzi schemer Robert Stinson Jr. as the investment ratings agency fights claims that it misled investors by highly rating Stinson's hedge fund.

U.S. District Judge Berle M. Schiller enforced a stay that protects the estate from being sued, holding that Morningstar, which collects and analyzes financial data, didn't show it would be injured if it couldn't immediately sue and that it could...
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Case Information

Case Title

SECURITIES AND EXCHANGE COMMISSION v. STINSON et al


Case Number

2:10-cv-03130

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Securities/Commodities

Judge

BERLE M. SCHILLER

Date Filed

June 29, 2010

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