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.
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