Legal Opinion
Ohio Police & Fire Pension Fund v. Standard & Poor's Financial Services LLC
Court of Appeals for the Sixth Circuit
Decided December 3, 2012No. 11-4203PublishedCited by 84 opinions
1Opinion of the Court
OPINION
JULIA SMITH GIBBONS, Circuit Judge.
The plaintiffs to this action are five pension funds operated by the State of Ohio for public employees (the “Funds”). The Funds invested hundreds of millions of dollars in 308 mortgage-backed securities (“MBS”) between 2005 and 2008, all of which received a “AAA” or equivalent credit rating from one of the three major credit-rating agencies (the “Agencies”). 1 The value of MBS collapsed during this period, leaving the Funds with estimated losses of $457 million. In an effort to recoup some of these losses, the Funds brought suit against the Agencies…
2Cases cited53 opinions
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- Ultramares Corp. v. ToucheNew York Court of Appeals · 1931
- United States v. SantosSupreme Court of the United States · 2008
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3Cited by84 opinions
- Regis Lutz v. Chesapeake Appalachia, L.L.C.Court of Appeals for the Sixth Circuit · 2013
- Clifton Jackson v. Sedgwick Claims Management Servs.Court of Appeals for the Sixth Circuit · 2013
- Beck v. FCA US LLCDistrict Court, E.D. Michigan · 2017
- Joseph Starkey v. JPMorgan Chase Bank, NACourt of Appeals for the Sixth Circuit · 2014
- Boulger v. WoodsDistrict Court, S.D. Ohio · 2018
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