Continue Reading Judge Scheindlin Denies Non-Settling Defendants Access to Settlement Agreement, At Least for Now
09 Civ. 08387
Negligent Misrepresentation Claims to Proceed Against Rating Agencies, Morgan Stanley
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.
Continue Reading Negligent Misrepresentation Claims to Proceed Against Rating Agencies, Morgan Stanley