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litigation
by leon on August 4, 2008
Ratings agencies are now getting sued. That was always inevitable.
Just one month after the Securities and Exchange Commission brought down a report slating the agencies for conflicts of interest that had them making money out of gullible investors, and after the European Commission moved to tighten the rules for agencies, something I covered in my blog entry here, the state of Connecticut is suing Moody's, Standard& Poor's and Fitch for alleged deceptive and unfair practices that are said to have cost taxpayers millions of dollars.
Richard Blumenthal, Connecticut's attorney-general, has accused the three agencies of giving artificially low ratings on infrastructure projects initiated by cities and towns across the state, relative to comparable private sector projects.
Expect to see more of where this came from.
Permalink: Putting the squeeze on ratings agencies
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