“they’re winning because this is not a level playing field.”
The Ratings agencies (Standard & Poor’s, Moody’s and Fitch):
1. have NO duty to be correct.
...'the companies didn’t owe ... a “duty” — a legal obligation that could form the basis of a negligence claim'
2. have NO shared responsibility.
'judges have rejected the idea that the rating agencies worked so closely with the investment banks that they were essentially co-underwriters'
3. are NOT experts
'a regulation exempts rating agencies from the definition of “experts” who can be sued'
4. have NO conflict of interest - because you already know about it!
'it has been around so long and is so widely known that it isn’t a cause of action'
5. are merely expressing OPINIONS
'their grades are just opinions ab…