Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Wyoming State Court Dismisses Claims Against Fitch Ratings
- Client News
- September 28, 2015
Practices
The Wyoming state district court dismissed claims brought against Paul, Weiss client Fitch Ratings by the State of Wyoming on behalf of the Treasurer of Wyoming and the Wyoming Public Employees Pension Fund, which had sought millions of dollars in compensatory and punitive damages. The claims of fraud, negligent misrepresentation and violations of the Wyoming blue-sky securities laws arose out of the credit ratings issued by Fitch in connection with certain mortgage-backed securities purchased by the plaintiffs. Fitch moved to dismiss the action for lack of personal jurisdiction, following the Supreme Court's decisions in Daimler AG v. Bauman and Walden v. Fiore, which severely limited the scope of personal jurisdiction with respect to foreign corporate defendants. After reviewing Fitch's briefs, the State of Wyoming agreed to dismiss its claims against our client.
The Paul, Weiss team included, among others, litigation partner Martin Flumenbaum.