Italy Seeks Charges Against Rating Agencies for Downgrade of Italian Debt; Courts Go Nuts Again

This month Italy seeks trials over credit downgrades Italian prosecutors have requested that five employees of Standard & Poor’s and two from Fitch be put on trial for alleged market manipulation connected to their downgrades of Italy’s credit rating. The prosecutors contend the accused violated EU rules by releasing the downgrades when European markets were open and by not alerting the Italian government 12 hours before the decisions, dating back to earlier this year and last year, were made public.

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Italy Seeks Charges Against Rating Agencies for Downgrade of Italian Debt; Courts Go Nuts Again