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  • Justice Department And State Partners Secure $1.375 Billion Settlement With S&P for Defrauding Investors In The Lead Up To The Financial Crisis

    Date 03/02/2015

    Attorney General Eric Holder announced today that the Department of Justice and 19 states and the District of Columbia have entered into a $1.375 billion settlement agreement with the rating agency Standard & Poor’s Financial Services LLC, along with its parent corporation McGraw Hill Financial Inc., to resolve allegations that S&P had engaged in a scheme to defraud investors in structured financial products known as Residential Mortgage-Backed Securities (RMBS) and Collateralized Debt Obligations (CDOs).  The agreement resolves the department’s 2013 lawsuit against S&P, along with the suits of 19 states and the District of Columbia.  Each of the lawsuits allege that investors incurred substantial losses on RMBS and CDOs for which S&P issued inflated ratings that misrepresented the securities’ true credit risks.  Other allegations assert that S&P falsely represented that its ratings were objective, independent and uninfluenced by S&P’s business relationships with the investment banks that issued the securities.

  • CalPERS to Recover More Than $300 Million From Standard & Poor's In Investment Ratings Settlements

    Date 03/02/2015

    The California Public Employees’ Retirement System (CalPERS) is poised to receive approximately $301 million in damages from Standard & Poor's (S&P) and parent company McGraw-Hill Financial, the result of settlements in cases against S&P that stemmed from its rating of mortgage-backed and other securities prior to the financial crisis.

  • FINRA Issues Report On Cybersecurity Practices, Cybersecurity Investor Alert

    Date 03/02/2015

    The Financial Industry Regulatory Authority (FINRA) issued a new report on cybersecurity, which details practices that firms can tailor to their business model as they strengthen their cybersecurity efforts.

  • Industry Supports Total Loss Absorbency Requirement To Help Ensure G-SIBs Can Be Resolved In An Orderly Manner Without Taxpayer Assistance - Industry's Empirical Analysis Shows FSB's TLAC Calibration Is Higher Than Needed

    Date 03/02/2015

    Today, The Clearing House (TCH), the Securities Industry and Financial Markets Association (SIFMA), the American Bankers Association (ABA) and the Financial Services Roundtable (FSR) filed a comment letter with the Financial Stability Board (FSB) in response to its proposal to impose a total loss absorbing capacity (TLAC) requirement on global systemically important banking groups (G-SIBs).  The letter expresses the industry's strong support for a TLAC requirement for G-SIBs to help ensure that these institutions can be resolved in an orderly way at creditor rather than taxpayer expense, bringing us one final step closer to ending "Too Big to Fail."  The letter also highlights the importance of ensuring that any such requirement be empirically calibrated to achieve its express policy objective - which is to ensure that a G-SIB can absorb sufficient losses to permit its orderly resolution and recapitalization without taxpayer assistance.

  • BATS Formally Files Market Structure Petition With SEC - Issues Industry Call-To-Action To Drive Regulatory Reform

    Date 03/02/2015

    BATS Global Markets (BATS) formally filed a  petition for rulemaking on market structure reform with the Securities and Exchange Commission (SEC) and issued a call-to-action to the industry, urging participants to engage in a constructive dialogue to improve the already healthy U.S. equity market for all investors.

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