S&P Can't Dodge Ill. AG's Suit Over Securities Ratings

Law360, New York (November 7, 2012, 11:28 PM EST) -- An Illinois judge on Wednesday allowed the state’s attorney general to proceed with her suit accusing credit ratings giant Standard & Poor’s Financial Services LLC of misleading investors about the objectivity of its ratings before the collapse of highly rated residential mortgage securities. 

Cook County Circuit Judge Mary Anne Mason denied the defendants’ motion to dismiss the suit, finding that Illinois Attorney General Lisa Madigan had made her allegations about the agency’s alleged misrepresentations with enough clarity and detail to move forward.

“The state need not...
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