Judge Clips Moody's Securities Class Action

Law360 (February 23, 2009, 12:00 AM EST) -- A federal judge shot down aspects of both claims in a class action alleging that Moody's Investors Service misled investors about its independence from the entities that it rated, but gave plaintiffs the green light to file a second amended complaint.

On Wednesday, in the U.S. District Court for the Southern District of New York, Judge Shirley Wohl Kram issued a 52-page mixed ruling on Moody's motion to dismiss the suit that was brought by the Teamsters Local 282 Pension Trust Fund against the company and...
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