05/31/2009 05:12 am ET Updated May 25, 2011

Credit Ratings Accused Of Reaping Profits As Regulators Fail

Ron Grassi says he thought he had retired five years ago after a 35-year career as a trial lawyer.

Now Grassi, 68, has set up a war room in his Tahoe City, California, home to single-handedly take on Standard & Poor's, Moody's Investors Service and Fitch Ratings. He's sued the three credit rating firms for negligence, fraud and deceit.

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