U.S. and States Prepare to Sue S.&P. Over Mortgage Ratings

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At dealbook.nytimes.com

The Justice Department, along with state prosecutors, plans to file civil charges against Standard & Poor's Ratings Service, accusing the firm of fraudulently rating mortgage bonds that led to the financial crisis. Up until last week, the Justice Department had been in settlement talks with S.&P. But the negotiations broke down after the Justice Department said it would seek a settlement in excess of '10 figures,' or at least $1 billion, which would wipe out the profits of S.&P.'s parent, the McGraw-Hill Company, for an entire year.

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At dealbook.nytimes.com


 

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