S&P, DOJ Ink Landmark $1.38B Settlement Over Rosy Ratings
By Ed Beeson (February 3, 2015, 8:36 AM EST) -- Standard & Poor's Financial Services LLC on Tuesday agreed to pay $1.375 billion to settle lawsuits brought by the U.S. Department of Justice and 20 attorneys general over the rosy ratings it assigned to large securities that turned toxic and exacerbated the financial crisis.
The fine, which will be split between the U.S. and state and local authorities, represents the heftiest ever levied against a credit rating agency, which are hired by banks to rate the investment quality of debt offerings and other securities. The Department of Justice received $687.5 million, while attorneys general from 19 states and Washington, D.C., will...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!