• Kirk Hartley

Ratings Agencies Lose Motion to Dismiss in Subprime Litigation

Some argue the CDO financial fiasco years is the biggest mass tort in history. Towards that view, the ratings agencies suffered a major loss on a motion to dismiss in a case before the well-known and well-regarded Judge Schira Scheindlin.

D & O Diary covers the opinion here, and includes links to the opinion and other articles. In short, the court rejected a causation based argument that sought dismissal of the claims on the theory that that there were larger causes of the investor losses. D & O also mentions and links to Judge Scheindlin’s prior opinion rejecting a First Amendment defense to similar claims in a different case against ratings agencies.


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