Credit-rating agencies face lawsuits over failings

07/14/2008 | Financial Week

Lawsuits pursuing shareholders' claims of fraud and other misdeeds are closing in on major credit-rating agencies. Moody's, Standard & Poor's and Fitch Ratings are reaping the results of awarding top credit ratings for hollowed subprime-based securities and for catering to issuers who paid the bill for rating analysis, critics said. The three credit raters face court claims that they deceived their shareholders and employed easy rating criteria to keep fee revenue coming.

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