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

Reuters

By Karen Freifeld

NEW YORK, Nov 11 (Reuters) - The liquidators of two failedBear Stearns hedge funds filed a lawsuit on Monday against thethree major rating agencies, accusing them of fraudulentlyassigning 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 connectionwith more than $1 billion in losses sustained by the funds.

The complaint was filed in New York State Supreme Court.

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