This Thursday, Judge Scheindlin denied reconsideration of Moody’s, S&P’s and Morgan Stanley’s motions  to dismiss claims brought by investors to recover losses stemming from the October, 2007 collapses of Rhinebridge and Cheyne, structured investment vehicles. (Our previous post on her denial of the motions to dismiss is here.) Defendants‘ motions for reconsideration were based on new authority regarding negligent misrepresentation claims in securities cases: the Second Circuit’s May 10, 2012 decision in City of Omaha, Nebraska Civilian Employees’ Retirement System v. CBS Corp., and its May 18, 2012 summary order in Stephenson v. PricewaterhouseCoopers, LLP.  Judge Schiendlin, however, was not persuaded that either case cast doubt on her previous decision.
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