As you may recall, there was much uproar at the time of the mortgage crisis, blaming Standard & Poor’s ratings firm for making false statements about risky mortgage derivative products. A federal appeals court had originally ruled in favor of S&P in a lawsuit filed by the Boca Raton Firefighters & Police Pension Fund. This Monday, the Supreme Court refused to hear an appeal, effectively giving S&P a pass, and upholding the original appellate verdict.
Theresa Springer’s Blog
Supreme Court Gives S&P A Pass on Mortgage Ratings
November 3, 2015