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US: Fitch, Moody’s escapes unscathed from CA insurance case

By  |  April 23, 2013

Fitch Ratings Ltd. and Moody’s Corp. have reportedly been dropped from a case alleging credit rating companies, including Ambac Financial Group Inc., colluded to have local governments within California purchase unnecessary insurance. According to an attorney for several cities and counties, the claims against Fitch and Moody’s have been “resolved” and will no longer be part of the case. Further details were not provided. The lawsuit, initiated in 2008, alleges that the companies and insurers conspired to keep credit ratings high for insurers; Standard & Poor’s has also been sued.

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