US Resists S&P Bid For Fed Documents In $5B Crisis Suit

Law360, New York (October 15, 2013, 1:13 PM EDT) -- The U.S. government is fighting a request by Standard & Poor's for documents from the Federal Reserve in a $5 billion fraud suit alleging the credit rating agency's high marks on toxic mortgage-backed securities fueled the financial crisis, civil prosecutors said Monday.

The U.S. Department of Justice told a California federal judge it opposed S&P’s subpoena of the Fed and the Federal Open Market Committee relating to statements by high-ranking government officials in 2006 and 2007 about the housing market. The documents in question include “information...
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