2013-10-09 — usatoday.com
At issue, according to the suit, are "structured finance securities" that S&P rates. Those securities, the state claims, were rated without disclosing that the firm was "acting in its own business interests, and in the interests of favored clients whose fees provided the company with a significant revenue stream," said New Jersey Acting Attorney General John J. Hoffman.
...
The state's suit is similar to a suit the federal government filed earlier this year against S&P. The ratings firm argued in a September filing that the federal government's suit was retaliatory because S&P downgraded its bonds in 2011.
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