SP to pay $1.4bn to regulators in sub-prime debt case
Posted: Tue Feb 03, 2015 9:01 am
Why is the justice department getting 688m? Is that to cover costs? Yikes!!
The US government said that S&P's ratings encouraged financial institutions around the world to buy and sell what proved to be "toxic" financial products in their trillions.
It also accused S&P of failing to warn investors that the housing market was collapsing in 2006 because doing so would have hurt its business.
......
S&P will pay $687.5m to the Justice Department and a further $678.5m to the 19 states that had brought lawsuits against it.
S&P will also pay $125m in a separate settlement with the California Public Employees' Retirement System.
BBC News - S&P to pay $1.4bn to regulators in sub-prime debt case
The US government said that S&P's ratings encouraged financial institutions around the world to buy and sell what proved to be "toxic" financial products in their trillions.
It also accused S&P of failing to warn investors that the housing market was collapsing in 2006 because doing so would have hurt its business.
......
S&P will pay $687.5m to the Justice Department and a further $678.5m to the 19 states that had brought lawsuits against it.
S&P will also pay $125m in a separate settlement with the California Public Employees' Retirement System.
BBC News - S&P to pay $1.4bn to regulators in sub-prime debt case