S&P Pays $1.375Bn to Settle Ratings ‘Fraud' Case
Under settlement, vendor admits giving high ratings to risky RMBS issues.
According to the settlement, S&P admits that it knew in 2007 that many RMBS transactions it rated positively contained delinquent loans and would probably result in losses. As part of the settlement, S&P also retracted an allegation that the Justice Department filed its complaint in retaliation to S&P downgrading US debt.
"S&P played a central role in the crisis that devastated our economy by giving AAA ratings to mortgage-backed securities that turned out to be little better than junk," said
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