S&P accused of $5 billion fraud

Standard & Poor's has been accused by the US justice department of defrauding investors in mortgage-related securities out of at least $5bn by issuing inflated ratings to win hundreds of millions of dollars in fees.

Shares in McGraw-Hill, the credit rating agency's parent, also named as a defendant, have fallen 23 per cent since the lawsuit was first revealed on Monday. The 128-page civil lawsuit is the first against a credit rating agency ... READ MORE

Released by the - 5 February 2013