California Attorney General Jerry Brown on Monday accused Moody's Investors Service of stonewalling his investigation into why the firm gave top-notch ratings to toxic mortgage-backed securities. Brown on Friday asked a Los Angeles County Superior Court judge to force Moody's to answer 60 interrogatories his office posed in a subpoena issued last September. Moody's attorneys argued that state law is pre-empted by the Credit Rating Agency Reform Act, which gives regulatory power over credit rating agencies to the SEC.
April 21, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
California Attorney General Jerry Brown on Monday accused Moody’s Investors Service of stonewalling his investigation into why the firm gave top-notch ratings to toxic mortgage-backed securities.
Brown on Friday asked a Los Angeles County Superior Court judge to force Moody’s to answer 60 interrogatories his office posed in a subpoena issued last September.
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