DOJ Will Sue S&P Over Crisis-Era Ratings

Law360, New York (February 4, 2013, 4:23 PM EST) -- The U.S. Department of Justice intends to file civil claims against Standard & Poor’s Financial Services LLC over its credit ratings for doomed mortgage securities in 2007, the company said Monday, marking the first government suit over a credit rating firm's role in the financial crisis.

The DOJ’s civil division is preparing to file a lawsuit claiming that S&P, a unit of The McGraw-Hill Cos. Inc., gave toxic collateralized debt obligations inappropriately high ratings in 2007 as the U.S. housing market was collapsing. The DOJ will...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.