May 24, 2013
S&P parent McGraw-Hill says US government's fraud case flawed
The parent of credit ratings agency Standard & Poor's Corp, which was hit with a $5 billion fraud lawsuit by the US government last week, fired back today, saying it doesn't believe the government has a case.
McGraw-Hill Cos Inc said S&P has a record of successfully defending itself against suits like the one by the US Department of Justice that accuses it of duping investors by presenting its ratings as objective.
"The company does not believe the Department of Justice can prove that this failure - common to nearly everyone at the time - was the product of intentional misconduct by anyone at S&P," McGraw-Hill said in a statement accompanying its fourth-quarter results.