On the same day, the global ratings giant moved for early dismissal of federal fraud charges in which the Justice Department is seeking up to $5 billion in civil penalties.
The McGraw-Hill Companies Inc., the parent company of Standard & Poor’s Financial Services, had hoped San Francisco Superior Court Judge Curtis Karnow would stay California v. The McGraw-Hill Companies, the case brought in February by California attorney general Kamala Harris, arguing that an appeal in related litigation in the same court could alter the outcome. S&P is also a defendant in that related case, CalPERS v. Moody‘s, in which CalPERS is claiming that it was misled by ratings on other investments.
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