For the first time, a rating agency was found responsible for bad ratings.
In Australia a court found that Standard and Poor liable for incorrect AAA rating for securities issued by ABN-Amro, a Dutch bank. According to the website: "The court ruled that S&P’s rating of AAA was misleading and
deceptive and that S&P along with the issuing bank had been involved
in the publication of information and statements that were false in
material particulars and involved negligent misrepresentations being
made to potential investors".
You also get an idea of the internationalization of financial markets. The securities were issued by a Dutch abnk, and bought by Australian municipalities.
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