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OHIO POLICE & FIRE PENSION v. STANDARD & POOR'S

No. 11-4203.

700 F.3d 829 (2012)

OHIO POLICE & FIRE PENSION FUND; Ohio Public Employees Retirement System; State Teachers Retirement System of Ohio; School Employees Retirement Systems of Ohio; Ohio Public Employees Deferred Compensation Program, Plaintiffs-Appellants, v. STANDARD & POOR'S FINANCIAL SERVICES LLC; The McGraw-Hill Companies, Inc.; Moody's Corp.; Moody's Investors Service, Inc.; Fitch, Inc., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: December 3, 2012.

Attorney(s) appearing for the Case

ARGUED: Elizabeth J. Cabraser , Lieff, Cabraser, Heimann & Bernstein, LLP, San Francisco, California, for Appellants. Floyd Abrams , Cahill, Gordon & Reindel LLP, New York, New York, for Appellees. ON BRIEF: Elizabeth J. Cabraser , Lieff, Cabraser, Heimann & Bernstein, LLP, San Francisco, California, Steven E. Fineman , Daniel P. Chiplock , Michael J. Miarmi , Lieff, Cabraser, Heimann & Bernstein, LLP, New York, New York, John P. Gilligan , Matthew L. Fornshell , Columbus, Ohio, for Appellants. Floyd Abrams , Tammy L. Roy , Cahill, Gordon & Reindel LLP, New York, New York, Drew H. Campbell , Bricker & Eckler LLP, Columbus, Ohio, Joshua M. Rubins , Satterlee Stephens Burke & Burke LLP, New York, New York, Martin Flumenbaum , Roberta A. Kaplan , James J. Beha II , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York, Thomas D. Warren , Baker & Hostetler LLP, Cleveland, Ohio, for Appellees. Marion H. Little, Jr. , Zeiger, Tigges & Little LLP, Columbus, Ohio, for Amicus Curiae.

Before: GILMAN, GIBBONS, and ROGERS, Circuit Judges.

OPINION

JULIA SMITH GIBBONS, Circuit Judge.

The plaintiffs to this action are five pension funds operated by the State of Ohio for public employees (the "Funds"). The Funds invested hundreds of millions of dollars in 308 mortgage-backed securities ("MBS") between 2005 and 2008, all of which received a "AAA" or equivalent credit rating from one of the three major credit-rating agencies (the "Agencies").

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