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S&P says expects DOJ lawsuit over mortgage ratings
Posted: Feb 4, 2013 12:08 PM by Associated Press
NEW YORK (AP) - Standard & Poor's says the government plans to file a lawsuit alleging wrongdoing by the agency when it gave high ratings to mortgage-backed securities that later plunged in value and fueled the 2008 financial crisis.
S&P said Monday that it has been told by the Department of Justice that it intends to file a civil lawsuit focusing on S&P's ratings on some mortgage-backed securities in 2007.
The ratings agency denies any wrongdoing and says any lawsuit would be without factual or legal merit.
There was no immediate comment from the Justice Department.
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