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Colo. Joins Lawsuit Against Standard & Poor's

by KREX News Room
by Kristina Kuestner

Story Created: Feb 5, 2013 at 11:49 PM MDT

Story Updated: Feb 5, 2013 at 11:59 PM MDT

DENVER (AP)- Colorado is joining at least 12 other states in taking major legal action in the 2008 financial crisis.

Attorney General John Suthers alleged Tuesday that Standard & Poor's put its financial interests above its self-described objectivity. The Denver District Court suit seeks unspecified civil penalties and damages.

The U.S. Government filed a civil suit against the credit rating agency, claiming that it gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments.

The federal government is seeking at least $5 billion in penalties. S&P says the lawsuit is without merit.

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Disgusted said on Wednesday, Feb 6 at 7:34 AM

Sorry gang, the statistics do not lie. The democrats ran the country aground and it is broke. The lawsuit is without merit, as are most things government does.

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