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Standard & Poor’s misled investors by giving its highest rating to securities whose value plunged during the global credit freeze,

By: capt_nemo in ROUND | Recommend this post (0)
Mon, 05 Nov 12 7:59 AM | 97 view(s)
Boardmark this board | De's Test Board 		Msg. 44861 of 45651
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a judge ruled in an Australian case that may be cited in lawsuits around the world.

S&P was “misleading and deceptive” in its rating of two structured debt issues in 2006, Federal Court Justice Jayne Jagot said in a summary of her ruling released today in Sydney. The Australian municipalities that brought the case are entitled to damages from the credit ratings company and two other defendants, ABN Amro Bank NV and Local Government Financial Services Pty., according to the ruling.

http://www.bloomberg.com/news/2012-11-04/s-p-found-liable-by-australian-court-for-misleading-ratings.html




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