Prosecutors Unleashed As $5B S&P Action Rolls On

By Max Stendahl (July 17, 2013, 8:16 PM EDT) -- The U.S. government's winning streak under a controversial fraud law continued Tuesday as a California federal court blessed its $5 billion suit against Standard & Poor's over mortgage bond ratings before the financial crisis, part of a trend that has defense counsel spooked.

U.S. District Judge David O. Carter denied S&P's motion to dismiss claims it intentionally gave false ratings to securities tied to the imploding housing market in 2007. The decision marked the third time in as many months that the U.S. Department of Justice has won permission to pursue a civil action under the Financial Institutions Reform, Recovery and...

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