Missouri Joins U.S., Other States In Suit Against S&P

Standard & Poor's Headquarters | Photo courtesy of Wikimedia Commons

Missouri will file a lawsuit against Standard & Poor’s Rating Service.

The suit, to be filed Tuesday in Jackson County Circuit Court, mirrors allegations in a lawsuit filed by the U.S. Department of Justice that the nation’s largest rating agency lied about the risks of complex securities.

S&P faces allegations that it inflated ratings to toxic assets such as mortgage-backed securities so it could boost fees it earned from clients like investment banks.

Missouri is among at least 15 states that have filed suits.

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