Egan-Jones faces SEC probe

Ratings firm Egan-Jones said yesterday that US securities regulators have chosen to bring an enforcement case against the company relating to a 2008 regulatory application.

Alan Futerfas, a lawyer representing Egan-Jones, said that the firm would vigorously defend itself against the Securities and Exchange Commission’s claims. The SEC’s case is linked to issues in the firm's 2008 application to rate asset-backed and government securities. The case is expected to be formally filed next week.