S&P, Moody's are sued regarding ratings on high-risk securities

03/11/2010 | Los Angeles Times (tiered subscription model)

Connecticut Attorney General Richard Blumenthal has sued Moody's Investors Service and Standard & Poor's, saying the credit rating agencies knowingly put misleading ratings on complex and risky securities that later collapsed in value. "Moody's and S&P violated public trust -- resulting in many investors purchasing securities that contained far more risk than anticipated and that have ultimately proven to be nearly worthless," Blumenthal said. Many bonds backed by home mortgages that eventually lost their value were initially given a triple-A rating.

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