On July 9, 2013, U.S. District Judge David Carter ruled that the United States Government may proceed with its lawsuit against Standard and Poor (S&P). The court determined that the complained contained sufficient allegations to support the fraud claims. The U.S. Government filed the complaint in February claiming that S&P intentionally misrepresented credit ratings. The United States is seeking damages of five billion dollars. Not only is the U.S. Government launched a lawsuit against S&P, so have fourteen other states and the District of Columbia. S&P has continually maintained that the claims made by the U.S. Government are without merit.
To read more please visit: http://finance.yahoo.com/news/judge-tentatively-lets-u-pursue-151327749.html
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.