Which of the Following Was the Result on Appeal in In Re

Multiple Choice

Which of the following was the result on appeal in In re Lehman Bros.Mortgage-Backed Securities Litigation,the case in the text involving whether rating agencies that helped select a pool of mortgages for a mortgage-backed security were underwriters under the 1933 Act or controlling persons under section 15 of the 1933 Act?

A) The court ruled that the proof established that the rating agencies were both underwriters and controlling persons under the 1933 Act.
B) The court ruled that the proof failed to establish that the rating agencies were either underwriters or controlling persons under the 1933 Act.
C) The court ruled that the proof established that the rating agencies were underwriters under the 1933 Act but that the proof failed to establish that the rating agencies were controlling persons under the 1933 Act.
D) The court ruled that the proof established that the rating agencies were controlling persons under the 1933 Act but that the proof failed to establish that the rating agencies were underwriters under the 1933 Act.