Miller files lawsuit against S&P alongside other attorneys general

BY DI STAFF | FEBRUARY 06, 2013 5:00 AM

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Iowa Attorney General Tom Miller filed a lawsuit Tuesday against Standard & Poor’s Ratings Services, alleging that the company misrepresented its investment analysis services.

According to a press release from the Office of the Attorney General, Miller filed the lawsuit in 5th District Court. The lawsuit is part of an effort by state attorneys general, the District of Columbia attorney general, and the U.S. Department of Justice.

“We allege that S&P misled investors and market participants, which includes Iowa consumers,” Miller said in the release. “The company falsely promised that its investment analyses were independent and objective. People relied on these representations to make important financial decisions.”

Miller’s lawsuit alleges that investors and other market participants relied on S&P for independence and objectivity, the release said.

— by Kristen East

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