8-KOther EventsExhibits & Filings

S&P Global Inc. 8-K Report, Corporate Update (Feb 4, 2013)

Filed February 4, 2013For Securities:SPGI

Summary

This Form 8-K filing from The McGraw-Hill Companies, Inc. (now S&P Global Inc.) on February 4, 2013, addresses a significant development concerning an investigation by the U.S. Department of Justice (DOJ) into Standard & Poor's Rating Services (S&P). The core of the report is S&P's response to media reports that the DOJ intends to file a civil lawsuit alleging violations of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The alleged violations pertain to S&P's ratings in 2007 of certain U.S. collateralized debt obligations (CDOs). The company and S&P firmly believe these allegations are without merit and have stated their intention to vigorously defend against any litigation.

Key Highlights

  • 1The McGraw-Hill Companies, Inc. (parent of S&P) is responding to reports of an impending DOJ civil lawsuit.
  • 2The lawsuit allegedly concerns S&P's ratings of U.S. collateralized debt obligations (CDOs) issued in 2007.
  • 3The DOJ's claims are reportedly based on violations of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
  • 4The company and S&P strongly deny the allegations, asserting they are without merit.
  • 5Both entities intend to defend vigorously against any legal action.
  • 6The filing incorporates by reference a press release dated February 4, 2013, providing further details on S&P's stance.

Frequently Asked Questions

The main event is the company's response to media reports indicating the Department of Justice (DOJ) intends to file a civil lawsuit against Standard & Poor's Rating Services (S&P) concerning its 2007 ratings of certain U.S. collateralized debt obligations.

The company and S&P firmly believe the allegations are without merit and intend to vigorously defend against any litigation.

The alleged violations are related to the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

The filing itself does not detail specific financial impacts, but it indicates the company is preparing for a significant legal defense, which could have future financial implications depending on the outcome of the litigation.