NY Panel Says Bear Fund Liquidators Suit Time-Barred
Law360, New York (February 10, 2017, 5:06 PM EST) -- A New York appeals court refused to revive a fraud suit by liquidators for two Bear Stearns & Co. Inc. feeder funds alleging the big three credit rating agencies lied about the creditworthiness of debt obligations backed by subprime mortgages, ruling Friday that the claims are time-barred.
The liquidators were seeking to revive allegations that Standard & Poor’s Financial Services LLC, Moody’s Investors Service Inc. and Fitch Ratings Inc. artificially boosted ratings of residential mortgage-backed securities, collateralized debt obligations and other structured finance products invested in by the funds — to reap lucrative fees from issuers — which ultimately caused losses...
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