Opinion for Motion to Dismiss in Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co., et al., | Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co., et al.,

Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co., et al.,
Opinion for Motion to Dismiss in Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co., et al.,

Contributor: Doug Cornelius

SUMMARY: A federal judge ruled that investors in a structured investment vehicle containing mortgage-backed securities sufficiently alleged an actionable misstatement against the credit rating agencies and the investment bank that placed the rated notes.

The rating agencies had long argued that their ratings of securities were constitutionally protected opinion. But U.S. District Judge Shira Scheindlin ruled in this opinion that the ratings of securities that were distributed to a limited number of investors don't deserve the same free-speech protection as more general ratings of corporate bonds that were widely disseminated.

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DOCUMENT INFO

Doc Type:
Decision

Filed: 9/2/2009
See Related Docs

Legal Document Name:
Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co., et al.,
Opinion for Motion to Dismiss in Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co., et al.,

Case Number: 08 Civ 7508

Jurisdiction: Federal, 2nd Circuit, New York

Legal System: United States

Subject Matter:
Securities Law
Business Torts
Constitutional Law