Dec 3 The three major credit rating agencies won
a fresh court victory as a federal appeals court rejected claims
by five Ohio pension funds alleging that they lost hundreds of
millions of dollars on risky mortgage debt because they relied
on flawed ratings.
The 6th U.S. Circuit Court of Appeals in Cincinnati upheld
the Sept 2011 dismissal of the lawsuit against Moody's Corp's
Moody's Investors Service, McGraw-Hill Cos'
Standard & Poor's, and Fimalac SA's Fitch Ratings.
Pension funds led by the Ohio Police & Fire Pension Fund had
claimed to have lost $457 million by having made 308 investments
in mortgage debt between Jan. 1, 2005, and July 8, 2008, and
relying on ratings they called "unfounded and unjustified."