Wed 6 to Fri 8 Feb 2013 to be announced

Standard & Poor face US lawsuit over 2007 mortgage bond ratings

S&P New York HQs

flickr-Haydn Blackey

Standard & Poor faces a lawsuit from the United States government over its rating of mortgage bonds before the 2008 financial crisis.

The Justice Department civil lawsuit is expected to focus on the credit agency's ratings in 2007 of certain collateralized debt obligations (CDOs) and packages of mortgages that later plunged in value amid the US housing collapse, triggering the global crisis.

S&P has said that the lawsuit would be "entirely without factual or legal merit". The agency added that in 2007 and before, it had downgraded a number of residential mortgage-backed securities included in the CDOs ahead of other credit rating agencies.

www.bbc.co.uk - Standard & Poor's expects lawsuit over subprime ratings
dawn.com - S&P faces US gov’t suit over 2007 mortgage bond ratings

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