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.