Bond insurer ACA Financial Guaranty is suing the major credit rating agencies, alleging that they falsely represented that ratings were unaffected by conflicts of interest, following in the footsteps of the Justice Department and two Bear Stearns fund liquidators. ACA's filing says the firms "falsely represented that relevant credit ratings reflected their true current opinion regarding the credit risks" of the rated securities and, in addition, the firms "falsely represented that the ratings provided were objective, independent, and uninfluenced by any conflicts of interest."

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