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Rating Agency Cases (2015)(Supplemental Reading)
Led by Connecticut, all attorneys general litigated fiercely in various state courts for several years against the two major bond credit rating agencies - Standard and Poors and Moodys - alleging sweeping fraudulent misrepresentations in their rating processes stemming from the 2008 economic crisis. Together the cases were settled for over $2 Billion and serve as a pardigm examples of successful state attorney general, multistate consumer protection litigation all done with cooperation of the federal government after the conclusion that state UDAP laws and state courts provided the best enforcement option. The cases were done without the retention of contingent counsel.
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