AG Josh Hawley & Secretary of State Jay Ashcroft Announce $10 Million to General Revenue Fund

Feb 21, 2017, 10:31 AM
Feb 21, 2017, 10:29 AM

Jefferson City, Mo. – Attorney General Josh Hawley and Secretary of State Jay Ashcroft are pleased to announce that $10 million will be immediately remitted to the General Revenue Fund following the multi-state settlement with the Moody’s Corporation, Moody’s Investors Service, Inc. and Moody’s Analytics, Inc. (“collectively Moody’s”). The landmark settlement, announced January 18, 2017, was the product of efforts between the Department of Justice, 21 states and the District of Columbia. In total, Moody’s will pay all injured parties $864 million. 

Hawley announced the major win for Missouri taxpayers during his testimony earlier today before the House Budget Committee. “Justice has been served for those who suffered at the hands of Moody’s practice of assigning inflated credit ratings to toxic assets leading up to the financial crisis of 2008,” said Hawley. “Today, I join with Secretary Ashcroft to announce that these funds will be placed back in the General Revenue Fund in order to help balance Missouri’s budget and move our state’s economic interests forward to the benefit of all Missourians.”  

“In such difficult budget times, remitting $10 million to General Revenue is a great result in this case,” Secretary Ashcroft said. “In addition to the revenue which benefits the people of Missouri, the settlement seeks to provide protections for investors who rely on ratings services for their investments.”