Violation Tracker Individual Record

Company: 
Fitch, Inc.
Penalty: 
$300,000
Year: 
2011
Date: 
October 14, 2011
Offense Group: 
government-contracting-related offenses
Primary Offense: 
False Claims Act and related
Violation Description: 

Moody's Investors Service, Inc., Standard & Poor's, and Fitch, Inc. agreed to settlements that totalled approximately $900,000 in credits after the state alleged that they misrepresented the meaning of their public bond ratings and gave lower ratings to public bonds, resulting in increased costs of borrowing for the state, cities, towns and school districts. The announcement did not specify how much each company would provide in credits. Here we assume the total was divided equally among the three.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Connecticut Attorney General
Civil or Criminal Case: 
civil
Facility State: 
Connecticut
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.