Standard & Poor’s Sued by New Jersey Over Bond Ratings
By Christie Smythe - Oct 9, 2013 11:23 AM MT
BLOOMBERG NEWS
Standard & Poor’s Financial Services LLC and its parent, McGraw Hill Financial Inc. (MHFI), were sued by New Jersey for allegedly failing to give objective ratings to mortgage-backed securities, the state’s attorney general said.
Standard & Poor’s harmed New Jersey consumers with claims that its ratings of the securities were independent when they were in fact driven by the company’s sales goals, the attorney general said today in a statement.
Wednesday, October 09, 2013
MAYBE THIS WILL WORK
I noted before that the 1st Amendment claims of the ratings agencies may not be absolute so maybe this suit has a chance.
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