SEC Targets Egan-Jones Over Bond Rating Application

Law360, New York (April 19, 2012, 11:24 PM EDT) -- Credit rating firm Egan-Jones Ratings Co. will go before the crosshairs of the U.S. Securities and Exchange Commission over purported misstatements in its 2008 application to rate bonds by U.S. states and others, according to Thursday news reports.

The SEC voted Thursday in favor of bringing an enforcement action against Egan-Jones over alleged misstatements in its 2008 application to rate certain bonds, with plans to bring administrative charges over the next week, sources told The Wall Street Journal.

The SEC and Egan-Jones could not immediately be...
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