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Commonwealth Bank told investors Sigma credit rating withdrawal a ‘technical’ issue
The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gave false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch's withdrawal of Sigma's credit rating prior to the collapse of the $27 billion investment fund was a "technical" issue, the bank has admitted.
Fitch expert challenged in investor class action over toxic CDOs
An expert witness in an investor class action against Fitch Ratings over toxic financial products is no expert at all, the lead applicant told the court in contesting the admissibility of the expert's evidence.