News & Analysis as of

California Public Employees’ Retirement System Settles with Credit Rating Agency

On February 3, the California Public Employees’ Retirement System (CalPERS) announced a $125 million settlement with a large credit rating agency and its parent company to resolve charges made in connection with the agency’s...more

S&P’s $1.4BN Settlement with DOJ and State AGs on RMBS/CDO Ratings

On February 3, the Department of Justice and 19 State Attorneys General announced their $1.375 Billion settlement of DOJ’s FIRREA suit and related State AG actions against Standard & Poor’s and its parent McGraw-Hill...more

Huge Settlements Between S&P, Government

2015 is leaving Standard and Poor’s (S&P) quite a bit poorer. Yesterday, the major credit rating agency agreed to pay $1.375 billion to resolve lawsuits brought against it by the U.S. Department of Justice and attorney...more

S&P Settles Market Crisis Actions With DOJ, States

The Department of Justice, in conjunction with 19 states and the District of Columbia, resolved market crisis era suits in a $1.375 billion settlement. The DOJ suit named as defendants rating agency Standard & Poor’s...more

Orrick's Financial Industry Week in Review - November 25,2013

FDIC Guidance on Deposit Advance Products - On November 21, the FDIC issued final supervisory guidance to FDIC-supervised financial institutions with respect to the risks imposed by certain deposit advance products. ...more

Orrick's Financial Industry Week in Review - August 12, 2013

FHFA Input on Freddie Mac and Fannie Mae Multifamily Businesses - On August 9, the FHFA announced that it is seeking public input on strategies to reduce Fannie Mae and Freddie Mac's presence in the multifamily housing...more

California Federal District Court Allows Government’s FIRREA-Based RMBS Suit To Proceed

On July 16, the U.S. District Court for the Central District of California denied a major credit rating agency’s motion to dismiss a DOJ complaint alleging that the firm defrauded investors in residential mortgage-backed...more

Orrick's Financial Industry Week In Review - February 11, 2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more

DOJ Brings Civil Fraud Action Against S&P

On February 4, the Department of Justice filed a complaint in the Central District of California against two Standard & Poor’s entities in connection with credit ratings S&P provided for certain RMBS and CDOs....more

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