International Litigation News: Standard & Poor’s in Courts Around the Globe

The April 2013 edition of International Litigation News, the newsletter of the IBA’s Litigation Committee, has just come out yesterday (ahead of the Committe’s Annual Litigation Forum in Istanbul next week. If you are attending, let me know, it would be great to meet in person.) International Litigation News features contributions from five jurisdictions on litigation against credit rating agencies, namely in Australia, Italy, the United States, England and Germany.  Continue reading

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Federal Supreme Court: Standard & Poor’s, New York, NY, Can Be Sued in Germany over Lehman Ratings

Back in November 2011, we had covered the judgment of the Frankfurt Court of Appeals (Oberlandesgericht), which held it had jurisdiction to hear actions by German claimants against Standard & Poor’s, New York, in disputes arsing from Lehman ratings. In December 2012, the Federal Supreme Court (Bundesgerichtshof) confirmed the Frankfurt judgment on the issue of jurisdiction. Continue reading

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Standard & Poor’s Can be Sued in Frankfurt – Update

As reported, the Frankfurt Court of Appeals (Oberlandesgericht) on November 29, 2011 has held it has jurisdiction to hear claims for damages against Standard & Poor’s in relation to losses caused by investing in Lehman certificates. In my opinion, the Court of Appeals has taken a surprisingly liberal approach to assuming jurisdiction; quite honestly, the first instance judgment was more in line with what I would have expected. As a New York lawyer commented: “Seems like the German courts are learning from the US courts on extending their jurisdictional reach!” Continue reading

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Lehman Ratings: Standard & Poor’s, New York, NY, can be sued in Frankfurt, Germany

Ruling on the issue of jurisdiction only, the Frankfurt Court of Appeals (Oberlandesgericht) yesterday found in favour of a claimant who has sued Standard & Poor’s, New York, in the Frankfurt courts for damages suffered in relation to investments in financial instruments issued by Lehman Brothers Inc. The claimant had alleged that he had made these investments in reliance on ratings issued by Standard & Poor’s. Continue reading

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