S&P Seeks Dismissal Of DOJ Suit Over Inflated MBS Ratings

Law360, Washington (April 22, 2013, 7:48 PM EDT) -- Standard & Poor's Financial Services LLC blasted the U.S. Department of Justice's suit over its flawed mortgage-backed securities ratings before the financial meltdown and urged a California federal judge to can the case Monday, claiming the government has no evidence to bolster its fraud claims.

While the government sued S&P and its parent company, The McGraw-Hill Cos., for giving toxic collateralized debt obligations inappropriately high ratings in 2007 as the U.S. housing market was collapsing, S&P maintained the government's case is based on "puffery" and vague,...
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.