Italy prosecutor says charges S&P's, Fitch ratings
Published on Nov 12, 2012 6:32 PM
ROME (AFP) - An Italian prosecutor filed charges of market manipulation against Standard & Poor's (S&P's) and Fitch ratings agencies on Monday over downgrades of Italy's credit rating that helped fuel the euro debt crisis.
"We have filed charges against Standard & Poor's and Fitch," said Prosecutor Michele Ruggiero, who filed charges against seven people, five of whom worked at S&P's, while two worked at Fitch at the time of the alleged crime.
Among those charged are Mr Deven Sharma, the head of S&P's from 2007 and 2011, and the operational director for Fitch, Mr David Michael Willmoth Riley.
The charges have to be confirmed by a judge for any trial to go ahead - a process which could take months under the Italian judicial system.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here