US Says S&P Can't Prove Fraud Case Was Retaliation

Law360, New York (March 3, 2014, 6:09 PM EST) -- The U.S. Department of Justice on Monday denied allegations that it filed a fraud suit against Standard & Poor's Financial Services LLC in retaliation for the firm's decision to downgrade the U.S. government's credit rating, saying discovery on the issue amounted to a "fishing expedition."

S&P has failed to make a sufficient showing that its 2011 downgrade was the motivation for a February 2013 suit alleging it intentionally gave inaccurate ratings to collateralized debt obligations tied to the imploding housing market in 2007, the DOJ said....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

United States of America v. McGraw-Hill Companies Inc et al


Case Number

2:13-cv-00779

Court

California Central

Nature of Suit

Other Statutory Actions

Judge

David O. Carter

Date Filed

February 3, 2013

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.