S&P Settlement Talks Hint At DOJ Shift On Admissions

Law360, New York (May 03, 2013, 7:39 PM ET) -- The U.S. Department of Justice’s Civil Division doesn’t often force companies to admit wrongdoing, but its hard-line settlement negotiations with Standard & Poor’s in sprawling financial crisis litigation could prove to be a turning point, attorneys say.

The Feb. 4 suit in California federal court alleges S&P gave fraudulent ratings to residential mortgage-backed securities and collateralized debt obligations. Federal officials decided to move forward with the case after settlement negotiations with S&P fell apart, a person familiar with the matter said at the time. S&P also...
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