Connecticut Attorney General Richard Blumenthal said Wednesday he will take legal action against the three major rating agencies, which he accused of “deceptive and unfair practices.”

Blumenthal, who previously disclosed a wide-ranging investigation into the agencies, said the targets include Moody’s Corp., McGraw-Hill Cos.’ Standard & Poor’s and Fimalac’s Fitch.

Blumenthal will hold a press conference at noon Wednesday to disclose the findings, according to a press release. He said the rating agencies’ actions cost taxpayers “millions of dollars.”
(Reuters)