On November 12, 2011, Judge James O. Browning of the United States District Court for the District of New Mexico issued a 273-page order granting in part and denying in part motions to dismiss brought in a putative class action against certain Thornburg Mortgage RMBS trusts, underwriters, individual defendants, and rating agencies. The plaintiff brought common law claims as well as state and federal securities claims. The Court rejected the defendants’ argument that a plaintiff class had standing to sue only with respect to those tranches of an RMBS offering in which a named plaintiff purchased certificates. The Court also concluded that credit ratings are statements of opinion, but rejected the rating agencies’ argument that those are protected by the First Amendment. Order.