Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Fitch, Moody’s Dropped From California Case Against Ambac

Moody’s Corp. and Fitch Ratings Ltd. were dropped from an antitrust lawsuit claiming Ambac Financial Group Inc. and credit rating companies conspired to force local governments in California to purchase insurance they didn’t need, a lawyer for the plaintiffs said.

Claims against Moody’s and Fitch defendants have been “resolved,” Joseph Cotchett, an attorney for cities and counties suing Ambac, told Judge Richard Kramer at a hearing in state court in San Francisco. He didn’t provide details. Standard & Poor’s was also sued.

The 2008 lawsuit alleges ratings companies and bond insurers agreed to maintain high credit ratings for the insurers and perpetuate a dual credit-rating system that punished cities with lower ratings than corporate entities.

Attorneys for Ambac and ratings companies have denied the allegations and have asked Kramer to throw the case out.

Daniel Noonan, a Fitch spokesman, and Michael Adler, a Moody’s spokesman, didn’t immediately respond to e-mail messages seeking comment about the development.

The case is Ambac Bond Insurance Cases, CJC-08-004555, Superior Court of California, County of San San Francisco (San Francisco).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.