Chicago (AP) -- Illinois Attorney General
Lisa Madigan says the federal lawsuit against Standard & Poor's echoes a
lawsuit she's already filed.
Madigan is in Washington
as officials detail a lawsuit accusing the debt rating agency of civil fraud
for giving high ratings to risky mortgage bonds that helped caused the
financial crisis. Several attorneys general joined the lawsuit.
Madigan filed a lawsuit against S&P last year and supported other
efforts. She says S&P was a trigger for the destruction of the economy.
The government's complaint contends S&P misled investors by stating
its ratings were objective. It says S&P's desire to make money and gain
market share caused S&P to ignore risks posed by the investments. The
alleged fraud made it possible to sell the investments to banks.
