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S&P Loses Bid to Unify State Suits Claiming Bad Ratings

McGraw Hill Financial Inc.’s Standard & Poor’s unit lost its bid to consolidate state claims that it lied about the objectivity of its ratings in the run-up to the 2008 financial crisis, forcing it to fight lawsuits in 18 state courts.

U.S. District Judge Jesse Furman in Manhattan ruled the suits were properly filed in state courts under local consumer-protection laws. S&P argued federal laws should govern the claims.