S&P could be forced to pay $1 billion or more in civil suit

Standard & Poor’s Ratings Service expects the US Justice Department and New York State officials to file civil charges against the firm, accusing S&P of fraudulently rating mortgage bonds that led to the financial crisis.

The Department of Justice had been involved in settlement negotiations with S&P until recently. However, the discussions were broken off after DOJ officials said they would seek a settlement in excess of $1 billion from S&P, which is owned by McGraw-Hill Company. This is the equivalent of about a year’s profits by the parent corporation. A lawsuit by the government now appears likely.

Standard & Poor’s is one of several US credit ratings agencies that issue reports and ratings of companies and their financial instruments as well as those of sovereign nations.

 

Related Articles

Understanding our behavioral blind spots

10/27/2008 Investment decisions are among the most important life choices a person can make. They may determine where your children will be able to go to college, when you'll be able to retire, or what kind o...

The Only Real-Time, Straight-Through Processing, Multi-Commodity Solution

10/16/2008 Commodity XLTM is Triple Point's flagship solution and is the only commodity trading and risk management system that works across multiple commodities, in real- time from front-to-back office. I...

Commodity XL

10/15/2008 The only real-time, straight-through processing, multi-commodity solution. Commodity XLTM is Triple Point's flagship solution and is the only commodity trading and risk management system that ...

Improved Functionality Helps Reduce Trading Risk

10/13/2008 High commodity prices have made the energy industry as dynamic as it has been in some time, and the energy trading and risk management (ETRM) sector is no exception. Competition is fierce among ...

New ETRM Technology Aids Market Participants

10/13/2008 Energy markets have undergone fundamental and structural changes the past few years. As a result, market participants have had to adapt both their trading strategies and the way they look at risk m...

More Oil & Gas Financial Articles

Understanding our behavioral blind spots

Mon, Oct 27, 2008 Investment decisions are among the most important life choices a person can make. They may determine where your children will be able to go to college, when you'll be able to retire, or what kind of lifestyle you'll enjoy after you retire.

Unfortunately, these are also some of the most difficult choices a person can make. In order to make sound decisions, we need to be aware of our own psychological blind spots.

The Only Real-Time, Straight-Through Processing, Multi-Commodity Solution

Thu, Oct 16, 2008 Commodity XLTM is Triple Point's flagship solution and is the only commodity trading and risk management system that works across multiple commodities, in real- time from front-to-back office. It is an integrated solution that profitably manages the complex, ever-changing requirements of physical and financial markets.

Commodity XL

Wed, Oct 15, 2008 The only real-time, straight-through processing, multi-commodity solution. Commodity XLTM is Triple Point's flagship solution and is the only commodity trading and risk management system that works across multiple commodities, in realtime from front-to-back office. It is an integrated solution that profitably manages the complex, ever-changing requirements of physical and financial markets.

Improved Functionality Helps Reduce Trading Risk

Mon, Oct 13, 2008 High commodity prices have made the energy industry as dynamic as it has been in some time, and the energy trading and risk management (ETRM) sector is no exception. Competition is fierce among energy traders, software vendors, and business and IT consulting companies.

New ETRM Technology Aids Market Participants

Mon, Oct 13, 2008 Energy markets have undergone fundamental and structural changes the past few years. As a result, market participants have had to adapt both their trading strategies and the way they look at risk management, which has also caused a review of the software systems that support these activities.

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ