{"id":1171,"date":"2012-12-20T10:38:42","date_gmt":"2012-12-20T10:38:42","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/12\/mcgraw_hills_moodys_standard_p"},"modified":"2022-03-09T16:31:53","modified_gmt":"2022-03-09T22:31:53","slug":"mcgraw-hills-moodys-standard-p","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/mcgraw-hills-moodys-standard-p\/","title":{"rendered":"McGraw Hills, Moody\u2019s, & Standard & Poor\u2019s Can\u2019t Be Held Liable by Ohio Pension Funds for Allegedly Flawed MBS Ratings, Affirms Sixth Circuit"},"content":{"rendered":"

\t\t\t\tThis month, the U.S. Court of Appeals for the Sixth Circuit refused to revive statutory and common law MBS claims made by five Ohio pension funds: The Ohio Police & Fire Pension Fund, the State Teachers Retirement System of Ohio, the Ohio Public Employees Retirement System, the Ohio Public Employees Deferred Compensation Program, and the School Employees Retirement Systems of Ohio. All of them are run by the state for public employees.<\/p>\n

Per the court’s opinion, between 2005 and 2008, the funds had invested hundreds of million of dollars in 308 mortgage-backed securities that all were given AAA or the equivalent from one of the three credit rating agencies. When MBS value dropped during this time, the Funds lost about $457 million. <\/p>\n

The plaintiffs believe that the reason that they lost their money is because the ratings that were given to the MBS were false and misleading. They filed their Ohio securities lawsuit under the state’s “blue sky ” laws, as well as the common law theory of negligent misrepresentation. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

This month, the U.S. Court of Appeals for the Sixth Circuit refused to revive statutory and common law MBS claims made by five Ohio pension funds: The Ohio Police & Fire Pension Fund, the State Teachers Retirement System of Ohio, the Ohio Public Employees Retirement System, the Ohio Public Employees Deferred Compensation Program, and the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3845,3882,3753,3883],"tags":[],"class_list":["post-1171","post","type-post","status-publish","format-standard","hentry","category-credit-rating-agencies","category-moodys","category-mortgage-backed-securities","category-standard-and-poors"],"yoast_head":"\nMcGraw Hills, Moody\u2019s, & Standard & Poor\u2019s Can\u2019t Be Held Liable by Ohio Pension Funds for Allegedly Flawed MBS Ratings, Affirms Sixth Circuit — 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