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Moody’s agrees to multimillion dollar settlement with US


REUTERS

Moody’s agrees to multimillion dollar settlement with US

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NEW YORK – Moody’s Corp has agreed to pay nearly $864 million to settle with U.S. federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the U.S. Department of Justice said on Friday.

The credit rating firm reached the deal with the Justice Department, 21 states and the District of Columbia, the Department said in a statement.

The agreement comes two years after S&P Global’s Standard & Poor’s entered into a $1.375 billion accord with the Justice Department, 19 states and the District of Columbia over similar claims.

Standard and Poor’s is the world’s largest ratings firm, followed by Moody’s. (Reuters)

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