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S&P reaches US$1.38b settlement with US government, states

Tuesday, February 3, 2015 - 21:42
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McGraw Hill Financial Inc and its Standard & Poor Ratings Services unit have reached a US$1.38 billion settlement with the US government and several states over ratings of mortgage-backed securities that went sour in the runup to the 2008 financial crisis.

[NEW YORK] McGraw Hill Financial Inc and its Standard & Poor Ratings Services unit have reached a US$1.38 billion settlement with the US government and several states over ratings of mortgage-backed securities that went sour in the runup to the 2008 financial crisis.

McGraw Hill said it would pay US$687.5 million to the US Department of Justice and US$687.5 million to 19 states and the District of Columbia.

The settlement contains no findings of violations of law by McGraw Hill or its ratings unit, the company said.

REUTERS

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