February 13, 2015
Reiss on $1.5B S&P Settlement
Westlaw Journal Derivatives quoted me in S&P Settles Fraud Suits for $1.5 Billion. The story reads in part, Standard & Poor’s has agreed to pay $1.5 billion to settle lawsuits filed by the U.S. Department of Justice, 19 states and … Continue reading
February 13, 2015 in Rating agency litigation | Permalink | No Comments
September 9, 2014
Reiss on FIRREA Penalties
Bloomberg quoted me in S&P Faces Squeeze After $1.3 Billion Countrywide Fine. It opens, Standard & Poor’s (MHFI)’ chances of settling the government’s lawsuit over mortgage-bond ratings for less than $1 billion may have slipped away after Bank of America … Continue reading
September 9, 2014 in Rating agency litigation | Permalink | No Comments
June 18, 2014
S&P Must Face The Orchestra on Rating Failure
After many state Attorneys General brought suit against S&P over the objectivity of their ratings, S&P sought to consolidate the cases in federal court. Judge Furman (SDNY) has issued an Opinion and Order in In Re: Standard & Poor’s Rating … Continue reading
June 18, 2014 in Rating agency litigation | Permalink | No Comments
October 3, 2013
Rating Agency 1st Amendment Defense Weakened, Again
Federal District Judge O’Toole (D. Mass.) issued an Opinion and Order in Federal Home Loan Bank of Boston v. Ally Financial Inc. et al., No. 11-10952 (Sept. 30, 2013) relating to the potential liability of S&P and Moody’s (the Rating … Continue reading
October 3, 2013 in Rating agency litigation | Permalink | No Comments
September 17, 2013
Moody Misrepresentation
Judge Daniels (SDNY) granted Moody’s motion for summary judgment in In re Moody’s Corporation Securities Litigation, No. 07 Civ. 8375 (Aug. 23, 2013). This is a big win for Moody’s, but I did find the following passage striking in its … Continue reading
September 17, 2013 in Rating agency litigation | Permalink | No Comments
September 13, 2013
Round One to California in Suit Against S&P
California Superior Court Judge Karnow issued a Memorandum Order Overruling Defendants’ Demurrers in California v. The McGraw-Hill Cos. et al., CGC-13-528491 (Aug. 14, 2013 San Francisco County). California Attorney General Harris alleged “that S&P intentionally inflated its ratings for … Continue reading
September 13, 2013 in Rating agency litigation | Permalink | No Comments
July 18, 2013
DoJ All FIRREA-ed Up With S&P Suit
Law360 quoted me in a story, Prosecutors Unleashed As $5B S&P Action Rolls On (behind a paywall), about DoJ’s success in fending off S&P’s motion to dismiss its FIRREA case. It reads in part While the latest ruling against S&P … Continue reading
July 18, 2013 in Rating agency litigation | Permalink | No Comments
