15 Mortgage Rating Cases Moved To New York

Fourteen states and the District of Columbia have accused McGraw Hill Financial and its Standard & Poor’s unit of over-valuing mortgage backed securities. For the defendants it’s a big win, says one commentator, “but by no means does it mean that they’ve won the war.” The judge who signed the consolidation ruling for the U.S. Judicial Panel on Multidistrict Litigation acknowledged it was a first for this type of case, but said there were good reasons for it.