/ Modified jan 17, 2017 5:03 p.m.

Arizona Wins Millions in Moody’s Settlements

The money is a result of claims by federal investigators into inaccurate mortgage ratings.

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Moody’s, one of the world’s largest credit rating agencies, agreed to pay Arizona along with 20 other states and the District of Columbia a combined total of nearly $430 million to settle claims alleging it did not accurately rate mortgage investments.

Federal investigators claimed those ratings, and a lack of transparency on the part of Moody’s, constituted a contributing factor to the economic crash in 2008.

The settlement also includes a nearly $440 million payment to the U.S. Justice Department.

Moody’s admitted to assigning inflated ratings to residential backed mortgage funds.

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