S&P expects U.S. civil lawsuit
WASHINGTON (AP) – The U.S. government is expected to file civil charges against Standard & Poor’s Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.
The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.
S&P said Monday that the Justice Department had informed it that it intends to file a civil lawsuit focusing on S&P’s ratings of mortgage debt in 2007. The action does not involve any criminal allegations.
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