Those eager to try to hold the credit rating agencies responsible for supposedly enabling the subprime mess will undoubtedly be encouraged by a July 8, 2008 SEC Report identifying rating agency “shortcomings.”
The Report, entitled “Summary Report of Issues Identifies in the Commission Staff’s Examinations of Selected Credit Rating Agencies” (here) reflects
One of the recurring suggestions in would-be reformers’ standard litany of proposed changes for litigation relief is the introduction of auditor liability caps. For example, the Committee on Capital Markets Regulation interim report (about which refer here) proposed the “elimination or reduction of gatekeeper litigation, either through a cap on auditor liability or creation of