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.
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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.
 

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