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...

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