Open Season On Rating Agencies?

Law360, New York (December 12, 2012, 11:23 AM EST) -- In a potentially landmark judgment for investors in highly rated but risky synthetic financial products that were hit hard by the recent financial crisis, on Nov. 5, 2012, the Australian Federal Court ruled that the rating agency Standard & Poor’s (S&P) and ABN Amro Bank NV (ABN Amro), the bank which had arranged the investments being considered, should pay damages to investors.

The detailed and comprehensive judgment of Federal Court Justice Jayne Jagot found that S&P had been misleading and deceptive in affording a 2006 issue...
To view the full article, register now.