Standard & Poor's will pay $1.5 billion to resolve litigation alleging that the ratings agency issued inflated grades on mortgage bonds before the 2008 financial crisis.
S&P will pay $687.5 million to the U.S. Department of Justice, and 19 states and the District of Columbia "will share a similar amount," The Wall Street Journal reports. The company also reached a separate $125 million deal with the California Public Employees' Retirement System (Calpers).
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Bill Moyers: the journalist who was the face of PBSFeature A legend in public broadcasting
-
SCOTUS greenlights mass DOE firingsSpeed Read The Supreme Court will allow the Trump administration to further shrink the Education Department
-
Cuomo announces third-party run for NYC mayorSpeed Read He will go up against progressive Democratic powerhouse Zohran Mamdani and incumbent Mayor Eric Adams
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
