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February 06, 2013 at 11:50 AM EST
S&P Lawsuit: Why Were Moody's and Fitch Spared the Wrath of the US Government?
Late Monday the US Justice Department filed a $5 billion civil lawsuit against credit rating agency Standard & Poor’s (NYSE:MHP) claiming that the group sought to defraud investors by inflating its mortgage securities ratings prior to the financial crisis thus making them appear safer than they were.   The lawsuit marked the first federal enforcement action against a rating agency over the financial crisis.   Responding to the government’s allegations S&P said in a statement that “A DoJ lawsuit would be entirely without factual or legal merit.”   The rating agency also signaled that it was being unfairly singled ...
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