Moody's, S&P and Fitch sued over failed Bear Stearns funds

Karen Freifeld
Monday, 11 Nov 2013 | 10:11 AM ET

NEW YORK, Nov 11 (Reuters) - The liquidators of two failed Bear Stearns hedge funds filed a lawsuit on Monday against the three major rating agencies, accusing them of fraudulently assigning inflated ratings to securities that the funds owned.

The lawsuit against Moody's Investors Service, Standard & Poor's and Fitch Ratings seeks to recover damages in connection with more than $1 billion in losses sustained by the funds.

The complaint was filed in New York State Supreme Court.

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