S&P is being sued for at least $150 million by two local governments and two…

S&P is being sued for at least $150 million by two local governments and two pension funds in Australia, Reuters reports. The claimants say they lost money on synthetic collateralized debt obligations (SCDOs) in the aftermath of the financial crisis, triggered by bad mortgage loans in the United States. They accuse the ratings agency of “flawed” assessments of these instruments.

Source by elleanddee