A federal appeals court Monday handed the three major rating agencies a victory by upholding a dismissal of a lawsuit brought by five Ohio pension funds that blamed the agencies for major investment losses in mortgage debt after the 2008 market collapse.

The suit, brought in 2009 by five state pension funds and led by the Ohio Police & Fire Pension Fund, said they lost $457 million on mortgage debt between 2005 and 2008 that was rated triple-A by Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.

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