In the aftermath of the financial crisis, the rating agencies have been roughed up a few times in court, but they generally avoided liability for excessively rosy ratings of investments in mortgage-backed securities. On Tuesday, they scored again in a case involving mortgage pass-through certificates issued by a Merrill Lynch subsidiary.

In a consolidated class action, the Public Employees’ Retirement System of Mississippi (MissPERS) accused a variety of defendants of making false and misleading statements in offering documents relating to the certificates.

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