Credit rating agencies targeted in lawsuit by Ohio attorney general

11/23/2009 | Wall Street Journal, The

Ohio Attorney General Richard Cordray filed a lawsuit accusing Standard & Poor's, Moody's Investors Service and Fitch Ratings of inflating ratings of mortgage-backed securities. The lawsuit says the companies gave inflated ratings in an effort to boost profits. Five Ohio public employee retirement and pension funds lost $457 million as a result of the ratings, according to the lawsuit.

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