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- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
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- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- Value of Health IT
Shows & Panels
Australian court finds S&P misled investors
Monday - 11/5/2012, 10:45pm EST
SYDNEY (AP) - An Australian court has ruled that global ratings agency Standard & Poor's misled investors when it gave the highest investment rating to complex and risky securities before the global financial crisis.
The Federal Court ruling on Monday is the first in the world on a rating agency's liability for investors' losses and may have implications for Fitch and Moody's.
Judge Jayne Jagot ruled that S&P and ABN Amro, which is now owned by the Royal Bank of Scotland, were liable for advice given and distribution of the derivatives to several Australian local governments.
The value of the derivatives, which were rated AAA by S&P, tumbled during the crisis.
S&P plans to appeal the decision, which could cost it and the bank 30 million Australian dollars ($31 million) in damages.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)