Show Less
You do not have access to this content

The Governance of Credit Rating Agencies

Regulatory Regimes and Liability Issues

Andrea Miglionico

The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.
Show Summary Details
This content is available to you

TABLE OF CASES

Andrea Miglionico

ABN AMRO Bank NV v Bathurst Regional Council [2014] FCAFC 65 1.61, 10.01–10.18, 10.19, 10.20, 10.21, 10.27, 10.28, 11.04

Abu Dhabi Commercial Bank et al. v Morgan Stanley & Co., et al. [2009] 651 F. Supp. 2d 155, 167 U.S. District Court of New York, No 08–7508 1.06, 8.17

Amalgamated Investment and Property Co Ltd v Texas Commerce International Bank Ltd [1982] QB 84 7.27

Anns v Merton London Borough [1978] A.C. 728 7.08, 7.09, 7.10, 7.14, 7.41

Anschutz Corp. v Merrill Lynch & Co., 785 F. Supp. 2d 799, 824 (N.D. Cal. 2011) 8.38

Anschutz Corp. v Merrill Lynch & Co., Inc., 671 F.3d 120 (2d Cir.2011) 10.08

Arenson v Casson Beckman Rutley & Co [1977] A.C. 405 7.16

Atlantic Masonry v Miller Construction, 558 So. 2d 433, 434—Fla. 1st DCA 1990 7.22

Avon County Council v Howlett [1983] WLR 603 7.26

Barrett v Enfield London Borough Council [2001] 2 AC 550 11.02

Basham, re [1986] 1 W.L.R. 1498 7.24

Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 1.61, 10.01–10.18, 10.19

Bathurst Appeal (2014) 224 FCR 1 1.61, 10.01–10.18

Bily v Arthur Young & Co. 834 P.2d 745 (Cal. 1992) 8.37

Boca Raton Firefighters & Police Pension Fund v Bahash, et al (12-cv-1776) (US Court of Appeals for the Second Circuit) 10.27

Bolam v Friern Hospital Management Committee [1957] 1 WLR 582 7.52

Boyson v Coles [1817] 6 M. & S. 14 7.25

Box v Midland Bank Ltd [1979] 2 Lloyd’s Rep. 391 7.31

Burgess v Lejonvarn [2016] EWHC 40 (TCC) 7.50

California Public Employees’ Retirement Systems (CalPERS) v Moody’s Corp., No CGC-09–490241 (Cal. App. Dep’t Super. Ct. July 9, 2009) 8.34

Calpers v Moody’s Investment Service Inc, San Francisco County Super. Ct. No CGC-09–490241, 23 May 2014 8.41

Caltex Oil (Australia) Pty Ltd v Dredge “Willemstaad” (1976) 136 CLR 529 10.08

Canada and Dominion Sugar Co Ltd v Canadian National (West Indies) Steam Ships Ltd [1947] AC 47, PC 7.23, 7.29, 9.20

Candler v Crane, Christmas & Co. [1951] 2 K.B. 164 7.61

Caparo Industries Plc v Dickman [1990] 2 AC 831 7.31, 7.65–7.87, 8.07, 10.15, 11.02

Cassa di Risparmio della Repubblica di San Marino SpA v Barclays Bank Ltd [2011] EWHC 484 (Comm) 2.38, 7.32, 7.36, 10.21

Cattle v Stockton Waterworks Co. (1875) L.R. 10 Q.B. 453 7.06

Central Hudson Gas & Electric Corp. v Public Service Commission, 447 U.S. 557 (1980) 8.18

Central London Property Trust Limited v High Trees House Limited [1947] K.B.130 7.21

Chaundry v Prabhaker [1989] 1 WLR 29 7.50

Chevron Australia Holdings Pty Ltd v Commissioner of Taxation (No 4) [2015] FCA 1092 10.25

Combe v Combe [1952] EWCA Civ 7 7.23

Commercial Financial Services, Inc. v Arthur Andersen LLP, 94. P.3d 106, 110 (Okla. Civ. App. 2004) 8.21, 8.35

Compuware Corp. v Moody’s Investor Services, Inc. [2007] No 05–1851 1.35

County of Orange v McGraw-Hill Cos. (in re Cty. of Orange), No SA CV 96–0765-GLT, 1997 U.S. Dist. LEXIS 22459 8.38

County of Orange v McGraw Hill Cos., 245 B.R. 151 (C.D. Cal. 1999) 8.11

Crabb v Arun D.C. [1976] Ch. 179 7.23

Credit Lyonnais Bank Nederland v Export Credit Guarantee Department [1996] 1 Lloyd’s Rep. 200 7.60

Crestsign Ltd v National Westminster Bank Plc [2014] EWHC 3043 (Ch); [2015] 2 All E.R. (Comm) 133 (Ch D) 11.02

Currie v Misa (1875) LR 10 Ex 153 7.58

D. & F. Estates Ltd. and Others v Church Commissioners for England and Others [1989] A.C. 177 7.09

Derry v Peek [1889] 14 App. Cas. 337 7.15, 7.16, 7.23, 10.16

Diamante Sociedad de Transportes S.A. v Todd Oil Burners Ltd. [1966] 1 Lloyd’s Rep. 179 7.32

Donoghue v Stevenson [1932] AC 562 7.03, 7.08, 7.31, 7.41, 7.42

Dorset Yacht Co Ltd v Home Office [1969] 2 QB 412, 426, CA 7.03, 7.31, 7.64

Drennan v Star Paving Co., 51 Cal.2d 409, 333 P.2d 757 Supreme Court of California [1958] 2.49

Dun & Bradstreet, Inc. v Greenmoss Builders, Inc., 472 U.S. 749 (1985) 8.14

Electrochrome Ltd. v Welsh Plastics Ltd. [1968] 2 All E.R. 205 7.07

Enron Corp. Sec., in re Derivative & “ERISA” Litig., 511 F. Supp. 2d 742, 816–17 (S.D. Tex. 2005) 1.13, 8.12, 8.20

Equitable Life Assurance Society v Ernst & Young [2003] EWCA Civ 1114 8.07

Esso Petroleum Co v Mardon [1976] Q.B. 801 7.31, 7.50

Fait v Regions Financial, 655 F.3d 105 (2d Cir. 2011) 10.11

First Equity Corporation of Florida v Standard & Poor’s Corporation, 690 F. Supp 256 (S.D.N.Y. 1988), affd, 869 F.2d 175 (2d Cir. 1989) 8.13, 8.20

Fitch Inc Fsb v UBS PaineWebber, Inc., 330 F.3d 104 (2d Cir. 2003) 8.19

Fletcher v Rylands (1866) L.R. 3 H.L. 330 7.07

FoodCo UK LLP (t/a Muffin Break) v Henry Boot Developments Ltd [2010] EWHC 358 (Ch) 7.31

Första AP-Fonden v Bank of New York Mellon SA/NV and others [2013] EWHC 3127 (Comm) 11.03

Freeman v Cooke [1848] 2 Ex. 654 7.19, 7.20

Genesee County Employees’ Retirement System v Thornburg Mortgage Securities Trust 2006–3, 825 F.Supp.2d 1082 (D.N.M. 2011) 8.26

Gilchester Properties Ltd v Gomm [1948] 1 All E.R. 493 7.16

Glasgow Corporation v Muir [1943] AC 448 7.31

Greenwood v Martins Bank [1933] AC 51 7.19

Grundt v Great Boulder Pty Gold Mines Ltd (1937) 59 C.L.R. 641, HCA 7.23

Heaven v Pender (1883) 11 QBD 503 7.15

Hedley Byrne v Heller [1963] 3 WLR 101 7.08, 7.09, 7.12, 7.13, 7.14, 7.41, 7.49, 7.50, 7.51, 7.54–7.64, 7.65, 7.66, 7.67, 7.70, 7.72, 7.81, 7.87, 10.15, 11.02

Henderson v Merrett Syndicates [1995] 2 AC 145 7.14, 7.67

Henderson v Williams [1895] 1 QB 521 7.25

Hoffman v Red Owl Stores Inc., 133 N.W.2d 267 (Wis. 1965) 2.49

International Business Machines Corporate Securities Litigation, in re 163 F.3d 102 (2d Cir. Nov. 17, 1998) 8.14

Jaensch v Coffey (1984) 155 CLR 549, HCA 8.34

James McNaughton Paper Group Ltd. v Hicks Anderson & Co. [1991] 2 Q.B. 113 7.67

JEB Fasteners Ltd v Marks Bloom & Co [1981] 3 All E.R. 289 8.02

Jefferson County Sch. Dist. v Moody’s Investor services, Inc. [1999] No 97–1157 1.35, 2.22, 8.13

Jorden v Money (1854) 5 HLC 185 7.20

JP Morgan Chase Bank v Springwell Navigation Corp [2008] EWHC 1186 (Comm) 7.35

Junior Books Ltd v Veitchi Co Ltd [1983] 1 A.C. 520 7.11, 7.12, 7.14, 7.42

Kimmell v Schaefer 675 N.E.2d 450 (1996) 8.36

King County, Washington et al v IKB Deutsche Industriebank AG et al, U.S. District Court, Southern District of New York, No 09–08387, 4 May 2012 8.01

Langridge v Levy (1837) 2 M & W 519, 150 ER 863 7.15

Lickbarrow v Mason [1787] 2 TR 63, 100 ER 35 7.25

Low v Bouverie [1891] 3 Ch. 82 7.23

Lowe v Lombank Limited [1960] 1 WLR 196, CA 7.26

Lumley v Gye (1853) 2 E. & B. 216 7.07

Mallinckrodt Chemical Works v Goldman, Sachs Co., 420 F. Supp. 231, 244 (S.D.N.Y. 1976) 8.26

Man Nutzfahrzeuge AG v Freightliner Ltd [2007] B.C.C. 986 7.67

Martini v Coles [1813] 1 M. & S. 140 7.25

McInerny v Lloyd’s Bank Ltd [1973] 2 Lloyd’s Rep. 389 7.51

McNally v Welltrade International Ltd [1978] I.R.L.R. 497 7.31

Meroni & Co., Industrie Metallurgiche, S.A.S. v High Authority of the European Coal and Steel Community, Case 9/56, [1957–1958] ECR 133, ECJ 5.14, 5.15

Midland Bank Trust Co Ltd v Hett Stubbs & Kemp [1979] Ch. 384 7.16

Mitsub Pty Ltd v McGraw-Hill Financial Inc [2016] FCA 559 10.24

Moorgate Mercantile Co. Ltd. v Twitchings [1976] 1 QB 225, CA 7.21, 7.22

Morgan Crucible Plc v Hill Samuel Bank Ltd. [1991] 1 All ER 148 7.71

Murphy v Brentwood District Council [1991] 1 A.C. 398 7.10, 11.02

National Century Fin. Enter., Inc., Inv., in re 580 F. Supp. 2d 630 (S.D. Ohio 2008) 8.14

National Westminster Bank plc v Somer International (UK) Ltd [2002] QB 1286 7.29

New Jersey Carpenters Vacation Fund v Harbor View Mortgage Loan Trust, 581 F. Supp. 2d 581 (No 08 Civ. 5093, S.D.N.Y. 2008) 8.39

New York Times Co. v Sullivan, 376 U.S. 254 (1964) 8.12

Newby v Enron Corporation [2005] 511 F. Supp. 2d 741 1.35

Nocton v Ashburton [1914] A.C. 932 7.16

Oddo Asset Management v Barclays Bank, New York State Supreme Court, New York County (No 08–109547) 10.27

Ohio Police & Fire Pension Fund v Standard & Poor’s Fin. Servs., LLC, 813 F. Supp. 2d 871, 877 n. l (S.D. Ohio 2011) 8.35

Overseas Tankship (UK) Ltd v Miller Steamship Co Pty [1967] 1 A.C. 617, PC (Australia) 11.02

Pan Am Corp., in re 161 B.R. 577, 581–83 (S.D.N.Y. 1993) 8.11

Peekay v Australia and New Zealand Banking Group [2006] 2 Lloyd’s Rep 511 7.62

Pickard v Sears [1837] 6 A. & E. 469 7.19, 7.20

Pickering v Busk [1812] 15 East 38 7.25

Pirelli General Cable Works Ltd. v Oscar Faber & Partners [1983] 2 A.C. 1 7.10

Playboy Club London Ltd v Banca Nazionale del Lavoro SpA [2016] EWCA Civ 457 7.68

Precis (521) plc v William M Mercer Ltd [2005] EWCA Civ 114 7.67

Quinn v McGraw Hill Cos., 168 F.3d 331 (7th Cir. 1999) 8.11, 8.26

Ramsden v Dyson (1866) L.R. 1 H.L. 129 7.24

Reno v Bull 124 N.E. 144 (N.Y. 1919) 8.17

Robinson v PE Jones [2011] 3 WLR 815 7.53

Ross v Caunters [1980] Ch. 297 7.08

Royal Bank of Scotland Plc v Bannerman Johnstone Maclay [2005] CSIH 39 8.01

Scott Paper Co. Sec. Litig., in re 145 F.R.D. 366, 370 (E.D. Pa. 1992) 8.11

Sebry v Companies House [2016] 1 WLR 2499 7.74

Seton, Laing & Co. v Lafone (1887)19 QBD 68 7.20

Simpson & Co. v Thomson (1877) 3 App. Cas. 279 7.06

Smith v Eric S Bush (A Firm); Harris v Wyre Forest District Council [1990] 1 AC 831 7.31, 7.67

Spartan Steel and Alloys Ltd v Martin & Co (Contractors) Ltd [1973] QB 27 7.06, 7.07, 9.15

Spear v Travers [1815] 4 Camp. 251 7.25

Stovin v Wise [1996] AC 923 7.69

Sullivan v Moody (2001) HCA 59 10.15

Sutherland Shire Council v Heyman (1985) 15 CLR 424, HCA 8.34

Taberna Europe v Selskabet AF 1 September 2008 [2016] EWCA Civ 1262 7.50

Tellabs, Inc. v Makor Issues & Rights, Ltd., 551 U.S. 308 (2007) 8.30

Thomas Hughes v Directors, &C., of the Metropolitan Railway Company (1877) 2 App. Cas. 439 7.20

Thompson v Palmer [1933] 49 CLR 507 7.19

Thomson v Christie Manson & Woods Limited [2005] EWCA Civ 555 7.50

Titan Steel Wheels Ltd v Royal Bank of Scotland plc [2010] EWHC 211 (Comm) 7.36, 7.62

Torre Asset Funding Ltd v Royal Bank of Scotland Plc [2013] EWHC 2670 (Ch) 7.68

Virginia State Board of Pharmacy v Virginia Citizens Consumer Council, Inc., 425 U.S. 748, 96 S. Ct. 1817, 48 L. Ed. 2d 346 (1976) 8.25

Ultramares Corp. v Touche, 255 N.Y. 170, 179, 174 N.E. 441, 444 (1931) 7.66, 10.17

Wagon Mound, The [1961] A.C. 388 7.07

Wealthsure Pty Ltd v Selig [2014] FCAFC 64 10.21

Weller & Co. v Foot and Mouth Disease Research Institute [1966] 1 Q.B. 569 7.07

White v Jones [1995] 2 AC 207 7.69

Wingecarribee Shire Council v Lehman Brothers Australia Ltd (in liquidation) [2012] FCA 1028 10.02, 10.22, 10.23

Winterbottom v Wright (1842) 10 M & W 109 7.15, 7.41

Woolcock Street Investments Pty Ltd v CDG Pty Ltd (2004) 216 CLR 515 10.08