S&P court loss in Australia unlikely to spark rival claims

Standard & Poor's found to owe duty of care with CDO ratings

standard-poor-s

The decision by Australia's federal court to uphold a November 2012 ruling that found rating agency Standard & Poor's liable for losses on triple-A rated structured notes will set a precedent for subsequent cases in Australia and other common law jurisdictions but is unlikely to lead to a flood of similar cases, say lawyers. On June 6 the full bench of the federal court rejected an appeal by S&P, ABN Amro (now a division of RBS) and Australian firm Local Government Financial Services