Bank's Claims Slashed In $5.9B MBS Suit

Law360, Los Angeles (October 1, 2013, 6:20 PM EDT) -- A Massachusetts federal judge on Monday cut two of three claims from the Federal Home Loan Bank of Boston’s suit against the credit ratings agencies it says misled it into buying $5.9 billion of mortgage-backed securities that later faltered.

U.S. District Judge George A. O’Toole Jr. trimmed Massachusetts state law claims and a claim of negligent misrepresentation from the suit against Moody’s Investors Service Inc. and Standard & Poor’s, finding that the two claims hadn’t been adequately argued under New York state law.

New York law...
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