A Manhattan Commercial Division judge dismissed a $1 billion suit against a group of credit ratings agencies who allegedly misled investors in residential mortgage-backed securities just prior to the 2008 financial crisis.
Justice Anil Singh, in Varga v. McGraw Hill Financial, 52410/2013, said New York state’s six-year statute of limitations applied to the suit brought by administrators of a bankrupt offshore “feeder fund” established by now-defunct Bear Stearns Asset Management.
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