6th Circ. Nixes $457M MBS Suit Against Ratings Agencies

Law360, New York (December 3, 2012, 1:43 PM EST) -- The Sixth Circuit on Monday affirmed the dismissal of several Ohio pension funds’ $457 million suit alleging ratings agencies including Standard & Poor’s used flawed ratings for a group of mortgage-backed securities, saying the funds’ allegations weren’t specific enough.

In a unanimous opinion, the appeals panel found that the Ohio Police & Fire Pension Fund, Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, School Employees Retirement System of Ohio and Ohio Public Employees Deferred Compensation Program failed to make a connection between the...
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