Insurers urged to check books as S&P held accountable for 'misleading' rating
Insurers have been urged by a leading lawyer to check their books to see whether they have open notifications from credit rating agencies after an Australian court ruled that Standard & Poor's was liable for damages to investors.
The Australian Federal Court has ordered Standard & Poor's and a bank that arranged a derivative product to pay AUS$30m (£19m) in damages to several Australian local governments.
The claim concerned
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