Subprime lawsuits against Morgan Stanley, Moody's, S&P dismissed

04/28/2013 | Wall Street Journal, The

Federal Judge Shira Scheindlin dismissed lawsuits against Moody's, Standard & Poor's and Morgan Stanley in which plaintiffs said the bank and rating agencies concealed the risk of investing in a fund that bought subprime-mortgage-backed bonds. "This settlement allows us to put the significant legal defense and related costs, as well as the distraction, of these very protracted litigations behind us," according to Moody's spokesman Michael Adler. "We are satisfied that it is in the best interests of our company and shareholders."

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