San Francisco County Superior Court
CPM represents public entities and non-profit organizations in California alleging that bond insurance companies and the credit rating agencies colluded to suppress their credit ratings forcing them to buy bond insurance before they issued bonds at a cost of millions of dollars. Defendants include Standard & Poor’s, Moody's and Fitch. Major bond insurance company defendants including Ambac and MBIA also misrepresented the extent of their exposure to subprime mortgage securitizations, which negatively impacted their ability to maintain their highest AAA-rated insurance, and the credit rating agencies misrepresented the insurers' AAA ratings knowing they were increasingly insuring toxic subprimes. These individual actions are coordinated in San Francisco County Superior Court before the Honorable Richard A. Kramer.
