S&P vows vigorous defence against councils’ ‘lawsuit is without merit’

By Julian Bajkowski Global financial ratings agency Standard & Poors has vowed to fight fresh legal action against it to recover millions of dollars lost by dozens of Australian councils after the local governments bought into junk, sub-prime instruments graded by the firm as AAA and AA quality investment products. The confirmation by S&P that […]

Councils to sue Standard & Poors in new action

By Julian Bajkowski Australian councils burned by toxic investments in collateralised debt obligations (CDOs) from collapsed bank Lehman Bros. have escalated their legal action and will try and rope-in ratings agency Standard & Poors in their bid to recover losses of around $200 million. Litigation funder IMF said on Tuesday afternoon that it will file […]

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