Magazine date:
Mar 2013 The American Department of Justice has announced its intention to file a lawsuit against the rating agency S&P for mispricing certain assets that subsequently caused the subprime crisis. It is likely to be joined by the attorneys general of several federal states.
Due care will be given to ratings made in 2007 on American collateralized debt obligations CDO. Mass detention of such securities by banks triggered a global financial crisis. S&P dismissed the American Department of Justice’s move as an unjustified attack, while the Federal Government is appealing for 5 billion USD of damages.