Law360, Chicago (January 25, 2012, 6:17 PM ET) -- The Illinois attorney general slapped ratings giant Standard & Poor's Financial Services LLC with a state court lawsuit Wednesday alleging it deceived investors about its objectivity when it assigned top ratings to risky mortgage-backed securities ahead of the housing market bust.
The suit, which also targets S&P parent company The McGraw-Hill Cos. Inc., claims that S&P had an unfair, deceptive and illegal business practice of misrepresenting that its credit analysis of structured finance securities was objective, independent and not influenced by the financial interests of itself...
S&P Misled Investors With High MBS Ratings: Suit
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