Idaho Attorney General Announces $21.5 Million Settlement

Feb 3, 2015

Credit Idaho Public Television

Idaho Attorney General Lawrence Wasden says the state will receive $21.5 million after resolving a lawsuit with Standard & Poor's Financial Services.

Wasden in announcing the settlement Tuesday says it's one of the largest settlements ever obtained under Idaho's Consumer Protection Act.

He says the settlement holds S&P accountable for misrepresentations that extended into 2011.

S&P will pay $1.375 billion to 20 states and the U.S. Department of Justice involving litigation accusing the company of engaging in false and misleading practices leading up the financial crisis that began in 2008.

Wasden says the company emphasized its independence and objectivity while manipulating analytical models to produce credit ratings its clients wanted.