Moody’s (MCO), S&P (MHP) and Fitch (FMLCF.PK) have failed in a bid to dismiss a lawsuit that accuses them of fraud in their ratings of Rhinebridge, an investment vehicle that failed in 2007.  District Judge Shira Scheindlin said in a ruling that the agencies could be liable if they misstated their opinions or if the ratings were false or misleading. Morgan Stanley (MS), which helped create the vehicle, must also face the suit.

Source: Seeking Alpha