McGraw-Hill Cos.’s Standard & Poor’s and Moody’s Corp. won dismissal of a lawsuit claiming they defrauded investors who relied on their ratings before buying $63bn of investment-grade mortgage-backed securities. US District Judge Jed Rakoff in New York also dismissed some claims yesterday against JPMorgan Chase., Bank of America’s Merrill Lynch and ABN Amro Bank, a unit of Royal Bank of Scotland, in a lawsuit filed by institutional investors. The complaint claimed banks and rating companies made untrue statements and omissions in registration statements and prospectuses for 84 offerings sold as safe. In a two-page order, Rakoff tossed claims against McGraw-Hill, Moody’s, Merrill Lynch Mortgage Lending First Franklin Financial and Credit-Based Asset Servicing & Securitization, or C-Bass. Rakoff said he will explain his reasons in a written opinion. “The likely reason to come from Judge Rakoff’s opinion will be important to many defendants in financial crisis litigation,” said C-Bass attorney Jamie Wareham of Paul Hastings Janofsky & Walker. “The disclosures were adequate and the market knew of the risks associated with subprime products.”