WASHINGTON (AP) — The Supreme Court won’t hear an appeal from shareholders who claim the Standard & Poor’s ratings firm made false statements about its ratings of risky mortgage investments that helped trigger the financial crisis.
The justices recently let stand a lower court ruling that threw out a lawsuit filed by the Boca Raton Firefighters & Police Pension Fund against S&P’s parent company, McGraw-Hill.
A federal appeals court ruled 2-1 that statements about the integrity and credibility of S&P’s credit ratings used routine, generic language that did not mislead investors.
The shareholders argued that false statements regarding a central aspect of the company’s business were enough to violate federal securities laws.
- Posted November 09, 2015
- Tweet This | Share on Facebook
Mortgage ratings appeal denied
headlines Macomb
- Fall family fun
- MDHHS announces enhancements to improve substance use disorder treatment access
- Levin Center looks at congressional investigation of torture and mistreatment of war detainees
- State Unemployment Insurance Agency provides tips on how to stop criminals from stealing benefits
- Supreme Court leaves in place Alaska campaign disclosure rules voters approved in 2020
headlines National
- Professional success is not achieved through participation trophies
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- ‘Jailbreak: Love on the Run’ misses chance to examine staff sexual misconduct at detention centers
- Utah considers allowing law grads to choose apprenticeship rather than bar exam
- Can lawyers hold doctors accountable for wasting our time?
- Lawyer suspended after arguing cocaine enhanced his cognition
