US govt files lawsuit against S&P over mortgage 'rate-rigging'

Anna Fedorova

In its first ever federal enforcement action against a credit rating agency related to the financial crisis, the US government has filed a lawsuit against Standard & Poor's for allegedly rigging mortgage bond rates.

The government said in a court statement it was initiating a civil law suit against the ratings agency and its parent company for setting inappropriately high mortgage rates prior to the financial crisis....

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