by Ben Vernia | February 5th, 2013
On February 5, the Department of Justice announced the filing of a civil complaint in the Central District of California against the Standard & Poor’s rating agency, in connection with its ratings of ill-fated mortgage-backed securities. The civil complaint alleges violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), as well as civil violations of the wire and mail fraud statutes. Attorney General Eric Holder, Acting Assistant Attorney General Tony West, and Principal Deputy Assistant Attorney General Stuart Delery delivered remarks at a press conference announcing the suit. The case is being handled by the Federal Programs and Consumer Protection Branches of DOJ’s Civil Division, along with the U.S. Attorney’s Office in the Central District of California.