JPMorgan, Ratings Firms Must Face Mortgage-Bonds Suits
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JPMorgan Chase & Co. and credit- ratings companies lost a bid to throw out lawsuits over the sale of $2.8 billion of mortgage-backed securities to the Federal Home Loan Bank of Pittsburgh.
Pennsylvania state Judge R. Stanton Wettick Jr. in Pittsburgh said some claims could proceed against JPMorgan and ratings companies Moody’s Corp., Fitch Group Inc. and McGraw-Hill Cos., which owns Standard & Poor’s Financial Services LLC, according to a Nov. 29 court order. The judge dismissed other claims against the companies.