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Pension Funds, Dancing a Two-Step With Ratings Firms

"Pension fund investors lost billions of dollars trusting the rosy credit ratings stamped on troubled mortgage securities before the 2008 crisis. In its aftermath, they have spent years and many dollars suing Moody'sand Standard & Poor’s, the main purveyors of those dubious grades.

"That these funds and other plaintiffs are trying to hold the ratings agencies to account is a good thing.