Standard and Poor's | St. Louis Public Radio

Standard and Poor's

(St. Louis Public Radio)

Illinois Attorney General Lisa Madigan has filed suit against ratings agency Standard and Poor's for fraudulently assigning high ratings to mortgage-backed investments despite their risk.

The suit filed today in Cook County - the state's largest - argues that instead of independently evaluating mortgage-backed securities, S&P gave them higher ratings than warranted to benefit investment bank clients and the agency's bottom line.