Reuters: Judge OKs U.S. $5B Fraud Suit Against S&P
JUL 17, 2013 - 6:30 am
Reuters reported that U.S. District Judge David Carter in Santa Ana, CA has ruled that the U.S. government may pursue its $5 billion civil fraud lawsuit accusing Standard & Poor’s of misleading investors by inflating credit ratings.
Reuters said the lawsuit outlined in what the judge called “comprehensive detail” how the largest U.S. credit rating agency failed to downgrade its ratings for collateralized debt obligations despite “clear knowledge” that they were backed by deteriorating residential mortgage-backed securities.
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