Securities
Apr. 4, 2009
Investors Test Liability of Rating Agencies
Though there are several large securities fraud suits pending in California, just a few investors are aiming to test whether the protections that have historically insulated rating agencies from liability still apply.
Daily Journal Staff Writer LOS ANGELES - J. Michael Hennigan keeps a plaque near his desk to commemorate the day he put down his sword and stopped warring with credit-rating agencies over their role in the 1994 Orange County bankruptcy. "We collected about a billion dollars (for the county) from everyone else, but got only a pittance from the credit-rating agencies," said Hennigan, of Hennigan Bennett & Dorman in Los Angeles. "We ...
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