CHICAGO, Jan. 25 (UPI) -- Illinois sued Standard & Poor's Wednesday, alleging it fueled the housing market crash with its unwarranted high ratings to risky mortgage-backed investments.
In a lawsuit filed in Cook County Circuit Court, state Attorney General Lisa Madigan alleges S&P compromised its independence as a ratings agency by assigning high ratings to unworthy, risky investments as a corporate strategy to increase its revenue and market share.