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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.

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