Daily News: August 5, 2013

Reuters: U.S. Says States’ S&P Suits Belong in State Courts

Reuters said the U.S. government, which is pursuing a $5 billion lawsuit accusing Standard & Poor’s of misleading investors by inflating its credit ratings, on asked a federal judge to move similar cases by 15 U.S. states and the District of Columbia back to state courts.

The Department of Justice argued that federal courts do not have jurisdiction because the cases turn on alleged violations of state laws against unfair consumer practices or deceptive business practices, Reuters reported.

To read the full Reuters article click here.

Previously on abfjournal: Reuters: Judge OKs U.S. $5B Fraud Suit Against S&P, July 17, 2013