Monday, September 26, 2011
S & P may be charged by the SEC
S & P has finally received a Wells Notice that informs the company theymay be soon face a civil lawsuit.
McGraw-Hill Cos Inc said U.S. regulators may charge its Standard & Poor's ratings unit with violating federal securities laws with ratings on a repackaged mortgage bond in 2007.The waiting public can only hope this is the first of many.
The company said it received a Wells Notice from the U.S. Securities and Exchange Commission that commission staff may recommend a civil lawsuit against the unit for a rating on 2007 collateralized debt offering (CDO) known as "Delphinus CDO 2007-1." The staff may recommend that the SEC seek monetary penalties, the company said in a statement today.
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