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Court Rejects Rating Agencies' Argument that Credit Crisis Alone Caused Investor Losses

In a April 26, 2010 opinion ( here ) that could have significant implications for motions to dismiss in the many subprime-related securities actions pending against the rating agencies, Southern District of New York Judge Schira Scheindlin rejected the arguments of Moody's and S&P that the...

Goldman Sachs, Fabulous Fab, and Morrison's Second Prong

In its June 2010 decision in the Morrison v. National Australia Bank [ enhanced version available to Lexis.com subscribers ], the U.S. Supreme Court enunciated a "transactions" test to determine the applicability of the U.S. securities laws. The Court said that the U.S. securities laws apply...