LexisNexis® Legal Newsroom
2nd Circuit: Rating Agencies Can't Be Held Liable In Securities Litigation As '33 Act Underwriters

In a May 11, 2011 opinion ( here ), a three-judge panel of the Second Circuit affirmed the dismissal of rating agency defendants in litigation filed under the Securities Act of 1933 and involving mortgage-related securities issues by Lehman Brothers and IndyMac and the Residential Asset Securitization...

2nd Circuit Rejects Judge Rakoff's Reasoning In Denying Citigroup Settlement

In a sharply worded March 15, 2012 per curiam opinion ( here ), a three-judge panel of the Second Circuit granted the motions of Citigroup and the SEC to stay district court proceedings in the SEC's enforcement action against the company, so that the appellate court could consider the merits of the...