Ohio AG Goes After S&P, Moody’s, Fitch On ABS Ratings

By Christopher Norton

Law360, New York (November 20, 2009, 5:38 PM ET) -- The Ohio attorney general has targeted the three leading ratings agencies with allegations of wreaking havoc on the U.S. financial markets by providing unjustified and inflated ratings of asset-backed securities in exchange for lucrative fees from securities issuers.

Richard Cordray filed the suit on behalf of five Ohio public employee retirement systems against Standard & Poor’s Financial Services LLC, S&P parent The McGraw-Hill Cos. Inc., Moody’s Corp., Moody’s Investors Service Inc. and Fitch Inc. in the U.S. District Court for the Southern District of Ohio on...
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