HARTFORD, Conn. – Connecticut’s Attorney General said his state will join Ohio in filing suit against credit rating companies for what he called “negligent, reckless and incompetent work” in grading debt purchased by states’ pension funds.
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Attorney General Richard Blumenthal indicated “a number of other states” also are preparing to join in legal action against Moody’s, Standard & Poor's, and Fitch Ratings.
In its lawsuit, the state of Ohio said the ratings firms had cost five Ohio public employee retirement and pension funds more than $457 million in losses.
