McGraw Hill Financials Standard & Poors unit said the U.S. government has broadened the securities covered in its fraud lawsuit against the ratings company so that the case would be unmanageable at trial.
The Justice Department has selected 56 residential mortgage-backed securities and 107 collateralized-debt obligations rated by S&P that will form the basis for its claims at trial that S&P defrauded investors, according to a joint filing yesterday in federal court in Santa Ana, California.
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