S&P expects lawsuit over mortgage ratings

Standard & Poor's says the US government plans to file a lawsuit alleging wrongdoing by the agency when it gave high ratings to mortgage-backed securities that later plunged in value and fuelled the 2008 financial crisis.

S&P said on Monday it has been told by the Department of Justice that it intends to file a civil lawsuit focusing on S&P's ratings on some mortgage-backed securities in 2007.

The ratings agency denies any wrongdoing and says any lawsuit would be without factual or legal merit.

There was no immediate comment from the Justice Department.

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.