States Push To Fight S&P MBS Ratings Case On Home Turf

Law360, New York (October 4, 2013, 2:54 PM EDT) -- More than a dozen state governments on Friday urged a federal judge to let their own courts handle their lawsuits alleging Standard & Poor’s Financial Services LLC misled the public with bad ratings of mortgage-backed securities, arguing that federal law is not involved.

The state governments allege simple consumer deception, and do not need a federal court to handle those relatively straightforward claims, a lawyer from Tennessee's state attorney general’s office told U.S. District Judge Jesse M. Furman at oral arguments in Manhattan.

“The cases before...
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