Sixth Circuit -- OH Police & Fire Pension Fund v. Standard & Poor's Fin Services

Agency did not profit from the sale of the Funds, so its representations aren't governed by the statutory cause of action for negligent misrepresentation.

State securities statute requires affirmative misrepresentaiton, not withholding of information.

Funds did not owe investors a duty of care under NY law.  Ohio uses different terms to essentially the same result.

If the Agency believes the ratings, they're not actionable.

Absent motion to amend, 12(b)6 dismissal with prejudice proper.




OH Police & Fire Pension Fund v. Standard & Poor's Fin Services