Legal News

U.S. is Assured Their $5 Billion S&P Suit Will be Proven Not Retaliation
Download PDF

doj

Summary: Despite Standard & Poor’s Claim that the Justice Department singled them out in their $5 Billion Suit out of retaliation, the U.S. is confident their documents will demonstrate to the court  otherwise.

The United States confidently denies that its $5 million suit against Standard & Poor is retaliation, claiming that nothing in the documents S&P sought will expose such a connection. S&P claims that they were singled out, and not their competition, Moody and Fitch, for charges that they inflated ratings before 2008 financial crisis to secure greater fees from issuers, and they alone were targeted because they downgraded the United State’s “triple-A” credit rating on Aug. 5, 2011.

  
What
Where


The Justice Department is “confident” that U.S. District Judge David Carter’s review will “not support the defendants’ allegations of retaliation in any way,” as Reuters reported.

S & P meanwhile claims in its recent court filings that government lawyers had “an intense interest in and engagement regarding S&P’s downgrade of the United States,” and further claims that they have access to internal Justice documents that demonstrate “that the two topics were often linked.”

Harold McGraw, chairman for S&P’s larger institution, McGraw Hill, claims that former Treasury Secretary Timothy Geithner told him three days after the downgrade that they had made a “huge” math error, and that they would be held “accountable.” S&P would have to demonstrate that more of this would be found in the Justice’s documents.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




The documents are not public, though we might get a peek in the September hearing. The hearing is scheduled to take place Sept. 9, in the case of U.S. v. McGraw-Hill Cos et al, U.S. District Court, Central District of California, No. 13-00779.

S&P meanwhile claims in their case that their opinion of the U.S. credit rating is protected under the First Amendment, and are represented by Floyd Abrams, a First Amendment Specialist.





 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Attorney with 3-7 years of litigation experience

USA-IL-Chicago

Chicago office of our client seeks attorney with 3-7 years of litigation experience. The candidate s...

Apply Now

Defense Attorney with 3-4 years of litigation experience

USA-CA-San Francisco

San Francisco office of our client seeks defense attorney with 3-4 years of solid litigation experie...

Apply Now

Mid-level IP Litigation Attorney with electrical engineering experience

USA-CA-San Francisco

San Francisco office of our client seeks mid-level intellectual property attorney with 3-5 years of ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Associate Attorney

USA-AL-Birmingham

Associate with three (3) to five (5) years of experience to work in its Architects / Engineers ...

Apply now

Associate Attorney

USA-AL-Birmingham

Associate to practice in the firm\'s Employment litigation group.  Three (3) to five (5) years ...

Apply now

Sr. Attorney I

USA-DC-Washington

To be part of the AMA is to be part of our Mission to promote the art and science of medicine and th...

Apply now

Worker's Compensation Paralegal

USA-GA-Savannah

SUMMARY Work client files through the various stages of pre-litigation with an emphasis on client...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top