A U.S. judge refused to dismiss a lawsuit against Moody’s Investors Service Inc. and Standard & Poor’s, rejecting arguments that investors can’t sue over deceptive ratings of private-placement notes because those opinions are protected by free-speech rights.
U.S. District Judge Shira Scheindlin in New York rejected the ratings services’ arguments Wednesday. The ruling may affect Fitch Group Inc. and other credit raters that have made similar arguments after investors lost money following their advice on subprime securities and other asset-backed investments.
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