Australia's Federal Court has ruled that credit ratings agency Standard & Poor's (S&P) misled investors before the global financial crisis.
S&P gave its safest credit rating, AAA, to complex and risky securities, which later lost most of their value.
In what is regarded as a landmark ruling, the court ordered S&P and the bank which arranged the product, ABN Amro, to pay damages to investors.
S&P said it planned to appeal against the decision.
"We are disappointed with the Court's decision, we reject any suggestion our opinions were inappropriate and we will appeal [against] the Australian ruling, which relates to a specific CPDO rating," S&P, one of the world's big three ratings agencies, said in a statement.
The ruling is the first of its kind on a rating agency's liability for investors' losses.
The Trump administration will resume garnishing wages from student loan borrowers in default in early 2026,...
The job market continues to show signs of cooling.U.S. employers added just 64,000 jobs in November,...
US prices rose 2.7% in the year to November, according to federal data released a day...
