S&P To Face Fraud Suit Over Mortgage-Backed Securities
By: Jim Zarroli
February 4, 2013
Federal officials plan to sue the credit ratings agency, Standard & Poor's for fraud. S&P gave top ratings to many mortgage-backed securities in the years leading up to the financial crisis in 2008. The securities turned out to be far riskier than anyone imagined. S&P said the suit is without factual or legal merit.
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