July 17, 2013
What Was S&P Puffing?
I have been closely following DoJ’s suit against S&P since the complaint was filed in February (and see here, here and here). DoJ alleges that S&P “issued or confirmed ratings that did not accurately reflect true credit risks” and seeks … Continue reading
July 17, 2013 in Rating agency litigation | Permalink | No Comments
March 11, 2013
Reiss on Booming Structured Finance Litigation
Law360 interviewed me about the boom in structured finance litigation arising from the Financial Crisis (here, behind a paywall): banks will not be able to let their guard down anytime soon, thanks to the U.S. Department of Justice’s rediscovery of … Continue reading
March 11, 2013 in Rating agency litigation | Permalink | No Comments
March 4, 2013
Second Circuit Finds Plausible Claims of Widespread Misconduct in RMBS Offering
The Second Circuit ruled in New Jersey Carpenters Fund v. The Royal Bank of Scotland Group et al. on a number of issues, but of interest to me are the sections dealing with allegations of misrepresentations. The Court writes that … Continue reading
March 4, 2013 in Rating agency litigation | Permalink | No Comments
February 15, 2013
California’s S&P Suit
The California complaint follow on the heels of the DoJ complaint but it hangs its hat on an aggressive theory — that S&P’s ratings violate California’s False Claims Act. While I do not yet have an opinion about whether that … Continue reading
February 15, 2013 in Rating agency litigation | Permalink | No Comments
February 8, 2013
More on DoJ’s S&P Complaint
I highlighted some of the juicy bits of the complaint a few days ago. There has been a lot of discussion of the suit and related issues. Here is my two cents’ worth. FIRREA, an untested enforcement statute, has gone … Continue reading
February 8, 2013 in Rating agency litigation | Permalink | No Comments
January 16, 2013
Rating Agency Liability The Wide World Over
Haar has posted a draft of Civil Liability of Credit Rating Agencies – Regulatory All-or-Nothing Approaches between Immunity and Over-Deterrence. This paper helps to fill in a gap in the literature about potential liability of rating agencies across the globe. … Continue reading
January 16, 2013 in Rating agency litigation | Permalink | No Comments
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 … Continue reading
November 16, 2012 in Rating agency litigation | Permalink | No Comments
