Standard & Poor’s has failed to fend off a consumer fraud suit by the state of New Jersey that accuses it of misleading consumers about the independence and objectivity of its ratings services and using outdated analytical models to maximize its market share and profits.
The complaint alleges Standard & Poor’s Financial Services harmed New Jersey consumers by claiming to be an independent source of analysis on structured finance securities when its ratings of those securities were actually driven by the company’s own revenue goals, as well as favoritism toward the investment banking clients who issued the securities and paid S&P for rating them.
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