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Ratings Agencies Hit With Suit Blaming Them for Economic Meltdown

The Public Employees' Retirement System of Mississippi has filed a federal suit against Moody's, Standard Poor's and Fitch, claiming the agencies misled investors by giving high ratings to subprime mortgage-backed investment entities. Unlike a California Public Employees' Retirement System case, which was filed in state court and focuses on only the pension fund's losses, the Mississippi action purports to represent "all persons or entities who purchased mortgage pass-through certificates" sold by J.P. Morgan Acceptance.

This entry was posted on Wednesday, July 29th, 2009 at 2:53 pm and is filed under Lawyer - News.

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