S&P wants judge to dismiss U.S. case against it, WSJ reports

theflyonthewall.com

Standard & Poor's Ratings Services pressed a federal judge to throw out the Justice Department's lawsuit against the company. S&P is being sued because of allegations that some investors lost billions of dollars after they relied on S&P ratings on mortgage-linked deals. The Justice Department alleges that S&P fraudulently misrepresented its letter-grade ratings in the years before the financial crisis, saying they were based on independent and objective analysis. S&P lawyers said statements about the company's independence and objectivity, which were included in its codes of conduct, can't form the basis of a fraud claim.

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