NEW YORK (Reuters) - Moody's Investors Service was ordered to defend against a lawsuit by a whistleblowing former analyst who claimed it illegally retaliated against him for questioning its ratings practices for risky mortgage debt.
"Kolchinsky has sufficiently alleged that Moody's took 'unfavorable personnel action' against him after he reported what he believed were potential violations of the federal securities laws and SEC rules," U.S. District Judge Paul Crotty wrote, referring to the U.S. Securities and Exchange Commission.
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