In an opinion today, Judge Furman sent back to state court a multi-district litigation comprised of 19 cases in which various states accused Standard & Poor’s (and, in one instance, Moody’s) of falsely representing that their bond ratings were independent and objective. He found that, despite the efficiencies of a federally-managed MDL proceeding, there was no federal jurisdiction:
Continue Reading Judge Furman Sends Suits by States Against Ratings Agencies Back to State Court