Egan-Jones Accuses SEC Of Bias Over ABS Rating Case

Law360, New York (June 6, 2012, 10:48 PM EDT) -- Egan-Jones Ratings Co. fired back at regulators with its own suit Tuesday accusing the U.S. Securities and Exchange Commission of showing bias in singling out the credit rating firm in an April administrative proceeding for allegedly overstating its experience rating asset-backed securities.

In a complaint filed in Washington federal court, Egan-Jones claims the SEC had gone against the directives of the Credit Rating Agency Reform Act and the Dodd-Frank financial reform law in targeting it rather than the large issuer-paid firms that allegedly stamped lucrative inflated...
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