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1st Circ. Revives $5.9B MBS Suit Against Moody's

Law360, Los Angeles (May 2, 2016, 11:07 PM EDT) -- The First Circuit on Monday revived the Federal Home Loan Bank of Boston’s $5.9 billion suit accusing Moody’s Corp. of falsely blessing risky mortgage-backed securities with high ratings, allowing a Massachusetts federal judge to decide whether to ship the case to New York.

(Credit: AP) The appeals court was tasked with the “technical, legalistic” problem of jurisdiction after U.S. District Judge George A. O’Toole Jr., following the U.S. Supreme Court’s landmark Daimler AG v. Bauman ruling, found that Moody’s and other ratings agencies that primarily operate...
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