The three major credit ratings agencies gave mortgage-backed securities unjustifiably high ratings in return for lucrative fees, losing at least $457 million for five Ohio public employee pension and retirement funds, the state's attorney general alleged in a lawsuit filed Friday.
Ohio is the second state whose public pension funds have pursued credit rating agencies, after the California Public Employees' Retirement System sued the agencies in July alleging they caused it more than $1 billion in losses.
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