A lawsuit that charged three ratings agencies with wrongdoing in the sale of mortgage-backed securities cannot advance, a federal appeals court in Ohio has ruled.

The decision Monday by the U.S. Court of Appeals for the 6th Circuit in Cincinnati affirms a ruling by a trial judge who dismissed a lawsuit by five pension funds for public employees in Ohio. The lawsuit accused Standard & Poor's, Moody's (MCO) and Fitch with assigning ratings to securities that misled investors.

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