NJ Sues Securities Rating Firm Over Practices

Wednesday, Oct 9, 2013  |  Updated 2:52 PM EDT
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NJ Sues Securities Rating Firm Over Practices

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New Jersey officials are suing the securities rating firm Standard & Poor's, saying the firm misled consumers about its ratings.

With the filing, New Jersey joins the federal government and several other states suing the agency for similar reasons.

The state Attorney General's Office filed the civil suit Wednesday in state court, claiming the company was not providing objective information to investors but rather favoring some of the clients it was rating.

A spokesman for the company did not immediately return a call.

But the firm has said in court filings that the federal government's suit was in retaliation for lowering the government's bond rating.

S&P also lowered New Jersey's outlook in 2012.

S&P is a subsidiary of New York-based McGraw Hill Financial, Inc.

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