Maurice L. Quinn v. The McGraw Companies, Inc.

DIANE P. WOOD, Circuit Judge.

Maurice Quinn was the majority shareholder for two small banks in central Illinois. At the suggestion of a broker, Quinn invested in certain instruments called “collateralized mortgage obligations,” or CMOs, loosely referred to as bonds in the proceedings. He felt confident in doing so because the broker assured him that Standard & Poor’s (S & P) would give the CMOs an “A” rating, which in due course it did. Unfortunately, the bonds did not turn out so well, and, Quinn asserts, anyone should have realized their true quality from the start. Later, when S & P…