November 24, 2024 12:53 am
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Arizona will receive $21.5M slice of $1.38B settlement from Standard & Poor’s

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By Russtandard_poorss Wiles, The Republic | azcentral.com

Arizona will receive a slice of a $1.38-billion settlement from a rating agency tied to the 2008 subprime-mortgage collapse.

Arizona will get $21.5 million from Standard & Poor’s Financial Services and its parent, McGraw-Hill Financial, resolving a lawsuit that the rating agency misled investors about its objectivity when it evaluated bond-like securities backed by subprime residential mortgages.

Attorneys general from 19 states and Washington, D.C., joined the U.S. Department of Justice in bringing the legal action, arguing that Standard & Poor’s issued inflated ratings from 2004 to 2007 to please companies that sold the securities to investors.

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