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November 23, 2009

Ohio Attorney General Complaint: 'Credit Rating Companies' Conflict of Interest'.

   The Ohio Attorney General has reportedly filed a 73-page Complaint against several major Credit Rating Companies alleging a conflict of interest.  The lawsuit was reportedly filed on behalf of the Ohio Police and Fire Pension Fund, and the Ohio Public Employees Retirement System, and others who allegedly lost money on securities evaluated by the Credit Rating Companies.  David Segal, "Ohio Sues Rating Firms for Losses in Funds" p. B1, col. 6 (New York Times Nat'l ed., "Business Day" Section, Saturday, November 21, 2009).

   Although the report does not mention the claims or causes of action alleged, it seems likely that at least one rests on an alleged Breach of Fiduciary obligations.

Author's Note:  I have an EMail in to the reporter of the linked newspaper article, requesting the name of the Court in which the Complaint was filed in order that I can obtain a copy and post it here, if possible.  Alternatively, I have asked the reporter to send me a pdf copy of the Complaint if he already has one.  Once I obtain a copy of the Complaint in question, when I do I will post it here.

Please Read The Disclaimer.

Posted by on November 23, 2009 at 07:43 AM in Credit Rating Companies |

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