S&P Fixes For 1st Amendment Fight With Cahill Gordon Hire

Law360, New York (February 05, 2013, 8:25 PM ET) -- By hiring Cahill Gordon & Reindel LLP partner Floyd Abrams to fight government claims it issued false credit ratings before the financial crisis, Standard & Poor's Financial Services LLC tipped its hand on a First Amendment defense strategy that hasn’t fared well in private litigation.

Abrams has defended S&P and other rating agencies in suits by mortgage-backed securities investors burned in the financial crisis. In many cases, he has argued that credit ratings that turned out to be wrong were merely opinions and therefore protected as...
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