S&P Investor Suit Over MBS Ratings Killed By 2nd Circ.

Law360, New York (December 20, 2012, 1:51 PM EST) -- The Second Circuit refused Thursday to revive a class action alleging Standard & Poor’s Ratings Services intentionally duped shareholders about the accuracy of its credit ratings for toxic mortgage-backed securities before the financial collapse.

A three-judge panel affirmed a New York federal court’s March 30 order tossing the suit against S&P’s parent company, McGraw-Hill Cos. Inc., company CEO Harold McGraw III and former Chief Financial Officer Robert Bahash. The complaint claimed the defendants misled lead plaintiff Boca Raton Firefighters & Police Pension Fund and other shareholders...
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