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An Australian judge has ruled that S&P (MHP) was "misleading and deceptive" in assigning AAA...

An Australian judge has ruled that S&P (MHP) was "misleading and deceptive" in assigning AAA ratings to two ABN Amro (RBS) structured debt issues in 2006, which plummeted in value during the financial crisis and caused losses of over 90% to 12 municipal investors that brought a lawsuit against the firm. The ruling represents the first time a ratings agency has been held liable for its opinion in this way.
Comments (2)
  • Maninder Batra
    , contributor
    Comments (572) | Send Message
     
    S & P has no credibility these days with the politicized financial ratings they give. Better to listen to Dagong credit agency.
    5 Nov 2012, 06:13 AM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    About time that courts somewhere were asked to rule on the outright fraud and deception of the ratings agencies regarding how the ratings agencies handled securitized products foisted off on investors by the banking sector & wall street up to 2008/09.
    5 Nov 2012, 07:30 AM Reply Like
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