Indiana News

Indiana to Get $21.5M Share of Multi-State S&P Settlement

INDIANAPOLIS (AP) _ Indiana will get $21.5 million from a multi-state settlement of allegations that Standard & Poor's knowingly inflated its ratings of risky mortgage investments in the years prior to the 2008 financial crisis.
The $1.4 billion settlement involves the U.S. government, 19 states and the District of Columbia and covers ratings issued from 2004 through 2007.
The settlement announced Tuesday resolves a court fight that began with a government lawsuit two years ago. It says S&P misrepresented its process used to assign credit ratings to mortgage-based securities. Those maneuvers were aimed at retaining clients and increasing market share.
The Justice Department says the inflated ratings helped trigger the financial crisis.
Attorney General Greg Zoeller says a majority of Indiana's share of the settlement will go to the state's General Fund.

Related posts

State Bar Association to offer free legal advice Monday

Darrin Wright

Body of Woman found in South Bend River

Kayla Blakeslee

Unemployment Slightly Up In June Across Indiana

Michael McIntyre