In the wake of the financial crisis, one of the biggest frustrations for plaintiffs lawyers is how easily Moody’s, Standard & Poor’s, and Fitch have been able to defeat investor claims of AAA-rated securities-gone-bad.
Proving fraud under the federal securities laws is all-but impossible, since it’s so tough to meet the threshold for pleading that the ratings agencies intentionally duped investors. Claims of negligent misrepresentation, meanwhile, have run up against the agencies’ defense that their ratings amount to constitutionally protected opinions.
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