Attorneys Weigh In On DOJ’s $1.38B Settlement With S&P
Christopher Greeley was quoted in Law360 about the $1.375 billion settlement that Standard & Poor's Financial Services LLC agreed to pay the U.S. Department of Justice and 20 attorneys general over ratings that helped ignite the financial crisis. "The $1.37 billion S&P agreed to pay in settlement is a staggering amount of money for a company of S&P's size, accounting for more than 60 percent of S&P's revenue for 2014," Christopher said. "The government's work on this case provides a legal and financial framework for future cases against Moody's and Fitch, which are bolstered by S&P stepping back from its allegation that this case was brought in retaliation for S&P downgrading U.S. debt. S&P's refusal to admit fraudulent conduct is purely an attempt to insulate itself from future litigation, but the size of the fine speaks volumes about its culpability."