High court won't hear appeal on mortgage ratings
Legal Exams
The Supreme Court won't hear an appeal from shareholders who claim the Standard & Poor's ratings firm made false statements about its ratings of risky mortgage investments that helped trigger the financial crisis.
The justices on Monday let stand a lower court ruling that threw out a lawsuit filed by the Boca Raton Firefighters & Police Pension Fund against S&P's parent company, McGraw-Hill.
A federal appeals court ruled 2-1 that statements about the integrity and credibility of S&P's credit ratings used routine, generic language that did not mislead investors.
The shareholders argued that false statements regarding a central aspect of the company's business were enough to violate federal securities laws.
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Processing Change for Certain Form I-730 Petitions
USCIS changed the processing location for certain Form I-730, Refugee/Asylee Relative Petition, filings. Previously the Service Center Operations Directorate processed these filings. Now, the International Adjudications Support Branch (IASB) in the Refugee, Asylum, and International Operations Directorate will process the petitions filed by individuals who were admitted to the United States as refugees. Petitioners and/or accredited representatives who file refugee-based Form I-730 petitions will receive further instructions when IASB receives their filings. Form I-730 petitions filed by persons granted asylum will not be affected by this change. The mailing instructions for Form I-730 remain the same. Petitioners should continue to follow the Where to File directions on the Form I-730 page. This policy update is consistent with the Department of Labor’s (DOL’s) Standard Occupational Classification system. DOL defines economists as people who conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. Economists may collect and process economic and statistical data using sampling techniques and econometric methods.