A major credit rating firm will pay a settlement of nearly 864-million dollars for it's role in the Great Recession of 2008. The Justice Department announced a settlement with Moody's Friday.
The agreement stems from Moody's role in providing inflated credit ratings on subprime mortgage securities that were at the center of the global financial crisis. The settlement with federal and state authorities also acknowledges the measures the firm has taken to strengthen the integrity of its credit ratings.