An Allegheny County judge narrowed the scope of claims a Pittsburgh-area bank made against several rating agencies and a number of J.P. Morgan entities involved in the rating, underwriting and sale of $1.7 billion in mortgage-backed securities certificates the bank says are now worth only 60 percent of that.
All of the claims dealt with whether the defendants knew or should have known that the securities they rated so highly were actually at risk of default. The bank argued it never would have purchased the certificates had it known of the risks of nonpayment by the homeowners of the underlying mortgages.
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