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 The good: S&P faces $100m class action

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The good: S&P faces $100m class action Vide
PostSubject: The good: S&P faces $100m class action   The good: S&P faces $100m class action Icon_minitimeTue Apr 16, 2013 6:09 pm
Standard & Poor's is facing a class action worth more than $100 million over its decision to stamp top-notch credit ratings on complex products that inflicted hefty losses on local councils.

The good: S&P faces $100m class action Dan20130416200919334187



In a move tipped to pave the way for similar actions overseas, a group of 90 councils, churches and charities filed a legal claim against the credit rating agency in the Federal Court on Tuesday.

IMF (Australia), which is funding the action, will allege S&P misled the small investors when it said its ratings were independent. It will also say S&P did not have ''reasonable grounds'' to rate so highly what were toxic debts.

Many councils bought the products from Lehman Brothers Australia.
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They had names such as Glenelg, Scarborough and Blue Gum and received ratings of AA or AAA but plunged in value during the global financial crisis.

The claim, being led by Western Australia's City of Swan and Moree Plains Shire Council in NSW, will allege councils would never have invested in the products if staff had known all the risks.

Read more: http://www.smh.com.au/business/sp-faces-100m-class-action-20130416-2hyey.html#ixzz2QfP1YZvC
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