S&P sued over CPDO ratings in Australia
Local Government Financial Services (LGFS), an investment manager in New South Wales, Australia, is suing Standard & Poor’s over a triple-A rating it assigned to a highly leveraged structured finance instrument.
The fund, owned by New South Wales Local Government Superannuation Scheme, a pension provider, has sued Standard & Poors for giving a AAA rating to constant proportion debt obligations (CPDOs) that it bought in 2006 and 2007 and that consequently lost 93.33% of their value.
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