Justice Department seeks early 2015 S&P RMBS trial date

06/25/2013 | Bloomberg

The Justice Department is seeking more than $5 billion in penalties from McGraw Hill Financial's Standard & Poor's unit in a lawsuit regarding ratings on residential mortgage-backed securities. In the lawsuit, the government says S&P deceived investors by issuing high credit ratings on collateralized-debt obligations and mortgage-backed securities not because the securities merited high ratings but because the ratings agency wanted to gain the issuers' business. Lawyers for S&P are set to argue next month that the claims should be dismissed.

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