November 16, 2012
Federal Court of Australia Holds Standard & Poor’s Liable for Misrepresentaions in Ratings of CDOs
In a treatise-length opinion, the Federal Court of Australia held that Standard & Poor’s is liable for damages that investors incurred as a result of purchasing CDOs that Standard & Poor’s had rated AAA. See Bathurst Regional Council v Local Government Financial Services Pty Ltd, (No.5) [2012] FCA 1200 (Nov. 5, 2012)
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