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S&P expects to be sued by Department of Justice over ratings on mortgage-backed bonds

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Standard and PoorStandard & Poor’s says the government plans to file a lawsuit alleging wrongdoing by the agency when it gave high ratings to mortgage-backed securities that later plunged in value and fueled the 2008 financial crisis.

S&P said Monday that it has been told by the Department of Justice that it intends to file a civil lawsuit focusing on S&P’s ratings on some mortgage-backed securities in 2007.

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