Wash. joins complaint against Standard & Poor'sFebruary 5, 2013 @ 3:33 pm
SEATTLE (AP) - The state Attorney General's office has announced that Washington is joining other states and the U.S. Department of Justice in filing a suit against credit ratings agency Standard & Poor's.
The complaint says Standard & Poor misrepresented its objectivity and independence and allowed investment bank clients to influence its analysis of structured finance securities backed by subprime mortgages, which were one of the triggers of the recession.
The complaints say Standard & Poor assigned inflated credit ratings to the subprime assets packaged and sold by Wall Street investment banks starting as early as 2001 to around 2011.
Ferguson says Washington state will consider amending its complaint to include civil penalties and restitution.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Seattle native is only person ever cured of HIV and returns home to boost the cure
Back In Business
A temporary bridge span across the Skagit River is set to open Wednesday
High Altitude Upgrade
The state's highest outhouse atop Mount Rainier is getting a badly needed upgrade
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.