Moody’s reaches $864 million settlement over RMBS credit ratings

Moody’s Corp. agreed to pay nearly $864 million to settle claims for its role providing credit ratings for Residential Mortgage-Backed Securities and Collateralized Debt Obligations that contributed to the financial crisis.

On Friday, the Department of Justice, 21 states, and the District of Columbia announced the settlement agreement with Moody’s Investors Service Inc.,Moody’s Analytics Inc., and their parent, Moody’s Corporation, resolving pending state court lawsuits in Connecticut, Mississippi, and South Carolina, as well as potential claims by the Justice Department, 18 states and the District of Columbia.

Read on.

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