Conn. AG Hits Moody's, S&P With Subprime Suits

By Jacqueline Bell

Law360, New York (March 10, 2010, 6:39 PM ET) -- Connecticut Attorney General Richard Blumenthal has hit Moody's Investors Service and Standard & Poor's Financial Services LLC with twin lawsuits claiming the two credit rating agencies knowingly inflated the credit ratings they gave to risky securities backed by subprime loans.

In two separate lawsuits filed Wednesday in Connecticut state court, the attorney general alleges that Moody's and S&P failed to live up to their own claims of independence and objectivity, instead succumbing to financial pressures to inflate credit ratings in order to secure lucrative fees from...
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