The credit rating agencies have been bulletproof from litigation for years, but new attacks keep coming. Today, Reuters reports, Ohio’s AG sued Standard & Poor’s, Moody’s and Fitch Ratings, claiming that they provided misleading credit ratings that led to hundreds of millions of losses for state funds.
Five Ohio funds assert they lost more than $457 million because of misleading ratings of mortgage-backed securities. The five funds serving as plaintiffs are the Ohio Public Employees Retirement System, the State Teachers Retirement System of Ohio, the Ohio Police & Fire Pension Fund, the School Employees Retirement System of Ohio and the Ohio Public Employees Deferred Compensation Program.
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[...] Ohio Pension Funds Sue Credit Rating Agencies [...]