Connecticut’s attorney general sued Moody’s Investors Service and Standard & Poor’s over ratings the firms issued on risky investments.
In the civil lawsuit filed Wednesday, Atty. Gen. Richard Blumenthal alleged that Moody’s and S&P knowingly assigned false ratings to complex investments that pushed the country into recession.
The suit, which Blumenthal called the first of its kind against ratings firms, is being brought under Connecticut’s unfair trade practices law. The attorney general is seeking penalties and fines that could reach into the hundreds of millions of dollars, he said.
Continue reading Connecticut Attorney General Sues Moody’s, S & P Over Debt Ratings
