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High court won't hear appeal on mortgage ratings
Court News |
2015/11/03 08:17
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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 on Monday 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.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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