Connecticut News

A federal judge ruled that Connecticut's lawsuit against Standard & Poor's Ratings Services for allegedly misrepresenting that its ratings were independent and objective will be decided in a state court.

Standard & Poor's Ratings Services could face a much higher legal bill than the $5 billion sought by the federal government as more and more states join the battle against the credit-ratings firm. A raft of lawsuits this week from attorneys general from several states, including California and Iowa, is compounding S&P's legal woes over its role during the financial crisis of 2008-2009.

How's this for prescience? Eight years ago, New York City and eight states explicitly warned about the dangers that global warming posed to coastal areas in the United States. 

Nine more banks have received subpoenas in connection with a probe into alleged widespread interest-rate manipulation by banks, a person familiar with the investigation said.

In the latest test of U.S. class action limits, telecoms firm Comcast Corp. lost a bid on Tuesday to force a customer who filed an antitrust class action to arbitrate individually, when a judge ruled it would be too costly for the customer.

Three of the nation’s leading credit rating firms will give Connecticut a $900,000 discount on future services to settle claims that they gave artificially low credit ratings to its cities and towns, the state’s attorney general said Friday.

One of the more opaque moves by the Federal Housing Finance Agency when it sued 18 of the world's largest financial institutions was filing 13 of the cases in New York federal court, four in New York state court, and one for good measure in Connecticut.