S&P settles Australian lawsuit over Lehman Bros collapse

A substantial settlement has been reached in a landmark A$200 million ($143 million) class action brought against ratings agency Standard & Poor’s, according to the law firm for the local governments, churches and charities bringing the suit.

London-based law firm Squire Patton Boggs said on Saturday that the settlement, which is subject to court approval, is likely to have widespread international ramifications for similar actions against Standard & Poor’s (S&P) due to the number of products it rates throughout the world.

Financial terms of the settlement were confidential, Squire Patton Boggs said. Litigation funder IMF Bentham said it would generate revenue of about A$52 million and a pretax profit after capitalized overheads of around A$47 million as a result of the settlement.

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One response to “S&P settles Australian lawsuit over Lehman Bros collapse

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