Attorney Advertising. Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it is investigating Moody's Investor Services, Standard & Poor's, and Fitch Ratings (collectively, the "Credit Rating Agencies") regarding losses suffered by retirement savings or pension plans which have lost a significant portion of their value as a result of the Credit Ratings Agencies' failure to accurately and appropriately value the credit risk of asset-backed and mortgage-backed securities involved in the subprime meltdown.
Keller Rohrback's investigation involves concerns that the Credit Rating Agencies contributed significantly to the recent market turmoil by underestimating the credit risk of subprime Residential Mortgage-Backed Securities ("RMBS") and other structured products, notably Asset-Backed Securities Collateralized Debt Obligations ("ABS CDOs"). Plan fiduciaries have reported that in the absence of high credit ratings by the Credit Rating Agencies, they would not have invested in certain securities that have decimated plan assets.
