They have a very good chance to prove that they were misled.
How can a debt security have a triple A rating , when it is not government guaranteed ? It's pretty clear after the fact that there is no chance in hell of it ever having or looking like a triple A security.
How badly has the ratings agency "rated" these investments for it to have been triple A in the first place , for it then to go triple C that is a very long way...
They were supposed to give independent , true advice.
The bigger problem is CFU were not the only ones to lose money in such a manner.If CFU win there will be too many lawsuits for the ratings agency to be able to pay restitution , let alone court costs.
I'm amazed that the 3 main ratings agencies have not been shut down yet for incompetence.
cfu article, page-5
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