The Wall Street Journal reported that U.S. District Judge David O. Carter for the Central District of California in Santa Ana said that he tentatively rejected S&P’s bid to dismiss outright the federal government’s lawsuit but cautioned that he would make a final ruling by July 15.

The Journal added that Judge Carter made the ruling after he heard several hours of arguments from lawyers on both sides of the $5 billion lawsuit.

To read the full Wall Street Journal article click here.

Previously on monitordaily: Bloomberg: S&P to Argue ‘Puffery’ Defense, July 8, 2013