Insight and Intelligence on the London & International Insurance Markets

9 February 2012

Deadline looms for ratings agencies in fraud class action

26 October 2009

Credit rating agencies Moody's and Standard & Poor's (S&P) have until the end of the week (30 October) to respond to fraud charges levelled in a far-reaching class action suit accusing them of masking the risks of the collapsed Cheyne Structured Investment Vehicle (SIV).

On 3 September, US federal judge Shira Scheindlin dismissed a petition by the two rating agencies and fellow defendant Morgan Stanley which attempted to see the class action thrown out, and instead ruled that the parties...

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