German bank IKB Deutsche Industriebank AG was a little too late to the party.

In a ruling Tuesday, Manhattan U.S. District Judge Jed Rakoff held that a fraud lawsuit brought by IKB against Standard & Poor’s Rating Services was time-barred. IKB had waited until May 12 of this year to sue S&P over the top ratings it gave to notes issued by a structured investment vehicle called Rhinebridge back in 2007. Three months later, those notes were downgraded to junk status.