Illinois AG has sued S&P, alleging it misrepresented its analysis as objective, independent.
February 13, 2012 at 12:00 AM
1 minute read
Until now the rating agencies have been getting a free pass from liability for their central role in the collapse of the credit markets. That free pass has just been revoked, at least in Illinois.
On Jan. 25, the state of Illinois commenced a lawsuit against Standard & Poor’s Financial Services LLC (S&P) and its parent company, The McGraw-Hill Cos. Inc. The first paragraph of the complaint comes out swinging:
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