Connecticut Attorney General Richard Blumenthal has filed suit against Moody’s Investors Service and Standard & Poor’s for allegedly enabling the “worst economic downturn in the nation since The Great Depression” due to their issuance of “tainted” ratings to risky subprime investments.

In two separate suits filed in Hartford District Court yesterday, Blumenthal alleges misconduct by S&P, the McGraw-Hill Co. subsidiary, and Moody’s for their previous questionable actions in rating structured finance securities. The Attorney General states that their “independence and objectivity” was jeopardized by “their desire to earn lucrative fees.”

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