Australia's Federal court issued a landmark judgment on
Monday that Standard & Poor's misled investors by giving its highest rating
to derivatives that lost almost all their value in the run-up to the 2008
global economic crisis, Reuters reports..
The Australian case marked the first time a ratings agency
had faced trial over the complex financial products widely cited as one of the
factors that triggered the crisis and could set a precedent for future
litigation around the world.
In a strongly worded judgment, Justice Jayne Jagot said
S&P and ABN Amro had deceived 12 local councils that bought the triple-A
rated CPDO, or constant proportion debt obligation, notes created by the bank….
Read all about it at http://www.cnbc.com/id/49689065
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