Rating agencies braced for Calpers lawsuit
The rating agencies’ traditional First Amendment defence will be tested to the full when the largest public sector pension fund in the US brings a billion-dollars-plus claim for SIV losses.
The credit rating agencies have been fighting for their reputation since the implosion of the structured finance market two years ago. But the ratings industry faces potentially an even bigger challenge on December 11 at a hearing scheduled in a lawsuit brought against the three main agencies – Moody’s
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