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

Law360, New York (November 20, 2009, 5:38 PM EST) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.