S&P, U.S. Seek More Time to Draft Arguments in Ratings Lawsuit
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McGraw-Hill Cos.’s Standard & Poor’s unit and the Justice Department both want more time to prepare written arguments in the first federal court case against a ratings service for grades related to the credit crisis.
The government accused S&P on Feb. 4 of deliberately misstating the risks of mortgage bonds, whose collapse helped trigger the credit crisis. A response was due March 6. S&P, citing the complexity of the case, yesterday won a federal judge’s permission to extend the deadline to April 22.