Moody's Corp. won a dismissal of a lawsuit alleging the company made false statements about its objectivity.
The lead plaintiffs, Teamsters Local 282 Pension Fund — a Moody's investor — claimed the firm assigned faulty ratings to structured mortgage securities products before the 2007 financial crisis resulting in decreased stock prices.
U.S. District Court Judge George B. Daniels granted a summary judgment for Moody's noting the plaintiff could not prove Moody's violated any securities laws. Two other individual investors joined the Teamsters Local 282 in the suit.
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