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U.S. Sues S&P over Pre-Crisis Mortgage Ratings

(WASHINGTON) — The U.S. government is accusing the debt rating agency Standard & Poor’s of fraud for giving high ratings to risky mortgage bonds that helped bring about the financial crisis. The government said in a civil complaint filed late Monday that S&P misled investors by stating that its ratings were objective and “uninfluenced by any conflicts of interest.” It said S&P’s desire to make money and gain market share caused S&P to ignore the risks posed by the investments between September 2004 and October 2007. (MORE: Standard & Poor’s Downgrades Itself) The charges mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression. According to the government filing in U.S. District Court in Los Angeles, the alleged fraud made it possible to sell the investments to banks. The government charged S&P under a law aimed at making sure banks invest safely. S&P, a unit of New York-based McGraw-Hill ...

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Found more than 1 month ago on channel TIME Moneyland

Main Street vs. Wall Street in battle over Hostess

Of the two thousand Hostess Brands documents filed in the last year with the U.S. Bankruptcy Court, it's one of the most recent ones — a handwritten, five-page letter on loose-leaf notebook paper — that stands out the most.

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Found more than 1 month ago on channel MSNBC

Hong Kong: Can The Building Authority Blow Hot And Cold In Assessing Building Plans? The Court Of First Instance Says "NO". - Mayer Brown JSM

Long Winner proposed to redevelop a site in Central (located at the junction of Pottinger Street and Ezra's Lane) for a commercial/residential building.

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Found more than 1 month ago on channel Mondaq

Supreme Court lets GM workers pursue case against State Street

WASHINGTON - The Supreme Court is allowing General Motors Co employees whose pension plans lost money to pursue their case against a State Street Corp unit over its management of their retirement savings plans before the automaker went bankrupt.

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Found more than 1 month ago on channel Reuters

Goldman urges Supreme Court to end mortgage class-action

WASHINGTON - Goldman Sachs Group Inc has urged the U.S. Supreme Court to throw out a mortgage securities class-action lawsuit that it said could cost Wall Street tens of billions of dollars.

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Found more than 1 month ago on channel Reuters