Investors’ Suit Against Moody’s, S&P Dismissed
Moody's and Standard & Poor's are not liable for nearly $100 billion in losses allegedly incurred by a group of investors in mortgage-backed securities issued by Lehman Brothers, a federal judge has ruled, granting the rating agencies' motion to dismiss the investors' suit. The judge sided with Moody's and S&P, who said they were not liable under the Securities Act of 1933 as either underwriters or sellers.
