Bloomberg

Ratings Agencies Seek a Dismissal

Moody’s Investors Service Inc., Standard & Poor’s and Fitch Ratings asked a judge today to dismiss a lawsuit filed by two California investors who claim the companies gave inflated ratings to inferior bonds. The companies named the bonds “investment grade” to achieve more sales of their rating services and didn’t downgrade the bonds until Lehman filed for bankruptcy in 2008, plaintiff Ronald Grassi said.

Proposition 8 can go to voters

A ballot measure to ban gay marriage in California can go to voters in November, a judge ruled, over
the objection of an advocacy group that said state Attorney General Jerry Brown improperly changed its wording. A group opposed to same-sex marriage sued the state claiming Brown’s changes to the measure’s title and summary — the first words voters see on their ballots — could sway Californians to vote against it.