Because Congress has left the courts unarmed, a federal judge said, he wasn’t able to find a rating agency liable for listing a Ponzi scheme in its hedge fund database used by investors.
U.S. District Senior Judge Berle M. Schiller of the Eastern District of Pennsylvania held that Morningstar Inc., which listed Robert Stinson Jr.’s Ponzi scheme in its database for two years with virtually no inspection, couldn’t be required to contribute to investor losses.
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