High Court Passes On S&P Investors' Suit Over MBS Ratings
By Stewart Bishop (November 2, 2015, 4:22 PM EST) -- The U.S. Supreme Court on Monday refused to revive a class action targeting McGraw-Hill Cos. over allegedly false statements its Standard & Poor's ratings agency made about toxic mortgage-backed securities, leaving in place a judge's finding that statements touting S&P's independent and objective ratings were "mere commercial puffery."
The high court denied the petition for certiorari without comment, as is customary.
Boca Raton Firefighters & Police Pension Fund had accused S&P's parent McGraw-Hill, CEO Harold McGraw III and former Chief Financial Officer Robert Bahash of violating federal securities law by duping investors about the integrity of the credit ratings. The present...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!