{"id":5496,"date":"2013-07-22T00:00:00","date_gmt":"2013-07-22T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/07\/dojs_5b_securities_lawsuit_aga"},"modified":"2022-05-19T13:43:45","modified_gmt":"2022-05-19T18:43:45","slug":"dojs-5b-securities-lawsuit-aga","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/","title":{"rendered":"DOJ\u2019s $5B Securities Lawsuit Against Standard &#038; Poor\u2019s Can Proceed, Says Judge"},"content":{"rendered":"<p>U.S. District Judge David O. Carter for the Central District of California has turned down Standard &amp; Poor\u2019s bid to have the Justice Department\u2019s $5 billion <a href=\"https:\/\/www.investorlawyers.com\/derivative-securities-derivatives-mortgage-backed-securities-mbs.html\">securities lawsuit<\/a> against it dismissed. This affirms Carter\u2019s recent tentative ruling earlier on the matter.<\/p>\n<p>S &amp; P is the largest credit rating agency in the world. It is a McGraw Hill Financial Inc. unit.<\/p>\n<p>According to the US government, the credit rater fraudulently misrepresented its ratings process as objective and independent when it was, in fact, stymied from issuing ratings because of its desire to please banks and other clients. Instead, between 2004 and 2007, S &amp; P purportedly issued AAA ratings to certain poor quality mortgage packages, including residential mortgage-backed securities, collateralized debt obligations, and subprime mortgage-backed securities. Now, prosecutors want to recover the losses that credit unions and federally insured banks allegedly suffered because of these inaccurate ratings that it contends upped investor demand for the instruments until the prices soared and the market collapsed, contributing to the global economic meltdown that followed.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/\"  title=\"Continue Reading DOJ\u2019s $5B Securities Lawsuit Against Standard &#038; Poor\u2019s Can Proceed, Says Judge\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. District Judge David O. Carter for the Central District of California has turned down Standard &amp; Poor\u2019s bid to have the Justice Department\u2019s $5 billion securities lawsuit against it dismissed. This affirms Carter\u2019s recent tentative ruling earlier on the matter. S &amp; P is the largest credit rating agency in the world. It is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3845,3741,3883],"tags":[],"class_list":["post-5496","post","type-post","status-publish","format-standard","hentry","category-credit-rating-agencies","category-securities-fraud","category-standard-and-poors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DOJ\u2019s $5B Securities Lawsuit Against Standard &amp; Poor\u2019s Can Proceed, Says Judge &#8212; Investor Lawyers Blog &#8212; July 22, 2013<\/title>\n<meta name=\"description\" content=\"U.S. District Judge David O. Carter for the Central District of California has turned down Standard &amp; Poor\u2019s bid to have the Justice Department\u2019s $5 &#8212; July 22, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"DOJ\u2019s $5B Securities Lawsuit Against Standard &amp; Poor\u2019s Can Proceed, Says Judge &#8212; Investor Lawyers Blog &#8212; July 22, 2013\" \/>\n<meta name=\"twitter:description\" content=\"U.S. District Judge David O. Carter for the Central District of California has turned down Standard &amp; Poor\u2019s bid to have the Justice Department\u2019s $5 &#8212; July 22, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"DOJ\u2019s $5B Securities Lawsuit Against Standard & Poor\u2019s Can Proceed, Says Judge &#8212; Investor Lawyers Blog &#8212; July 22, 2013","description":"U.S. District Judge David O. 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Carter for the Central District of California has turned down Standard &amp; Poor\u2019s bid to have the Justice Department\u2019s $5 &#8212; July 22, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"DOJ\u2019s $5B Securities Lawsuit Against Standard &#038; Poor\u2019s Can Proceed, Says Judge","datePublished":"2013-07-22T05:00:00+00:00","dateModified":"2022-05-19T18:43:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/"},"wordCount":537,"articleSection":["Credit Rating Agencies","Securities Fraud","Standard and Poor's"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/","url":"https:\/\/www.investorlawyers.com\/blog\/dojs-5b-securities-lawsuit-aga\/","name":"DOJ\u2019s $5B Securities Lawsuit Against Standard & Poor\u2019s Can Proceed, Says Judge &#8212; Investor Lawyers Blog &#8212; July 22, 2013","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2013-07-22T05:00:00+00:00","dateModified":"2022-05-19T18:43:45+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"U.S. District Judge David O. 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