Lawsuit targets top rating agencies over Bear Stearns flop

The top-three rating agencies – S&P, Moody’s and Fitch – have been targeted in a lawsuit filed by the liquidators of two Bear Stearns hedge funds, Reuters reports.

Read: SEC report called “a sham”

The suit alleges the agencies “fraudulently assign[ed] inflated ratings to securities in the run-up to the financial crisis,” according to the report.

Read more here.

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Fitch says it could downgrade U.S. rating

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The staff of Advisor.ca have been covering news for financial advisors since 1998.