The 6th Circuit Court of Appeals in Cincinnati ruled in favor of the major credit rating agencies and rejected a lawsuit by Ohio pension funds seeking compensation for their losses on mortgage securities. The pension funds, led by the Ohio Police & Fire Pension Fund, said they had relied on ratings from Moody's Investors Service, Standard & Poor's and Fitch Ratings when they invested in mortgage debt between 2005 and 2008, investments that resulted in $457 million in losses.
The lawsuit was brought in 2009 by Richard Cordray, then the state attorney general of Ohio and now the director of the federal Consumer Financial Protection Bureau.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
