An Australian Federal Court judge has ruled against rating agency Standard & Poor's and the wholesale division of Dutch bank ABN AMRO for their role in the sale of "grotesquely complicated" financial products that plummeted in value during the global financial crisis. The suit was brought by 12 municipalities that are seeking to recover more than $15 million in losses.
Australian Court Rules S&P, Bank Misled on Derivatives
The Asian Lawyer
November 7, 2012