Lawyers for S&P argued in 2013 that the Justice Department suit was retaliation for the August 2011 downgrade of the United States credit rating.

Why this label

An Associated Press report of 4 September 2013 said S&P told the court it was sued in retaliation for its 2011 downgrade of the United States^S6. The argument was part of S&P's defense in 2013. In the February 2015 settlement S&P agreed to formally retract that claim in the litigation^S1. The Justice Department said its discovery did not support the claim^S1. No court ruled on the retaliation theory before the case ended. The position S&P took in 2013 is no longer its position on the record, so the claim describes a stance that has since changed.

Current procedural position

Retraction of the retaliation claim agreed as part of the settlement of 3 February 2015^S1. Never adjudicated.

Evidence score: 82 of 100

The score grades how well the record establishes this assessment. It is not a score of S&P Global Ratings. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.

Timeline

1. 4 September 2013AP reports that S&P called the suit retaliation^S6
2. 3 February 2015S&P agrees to retract the claim as part of the settlement^S1

Related cases

• United States v. McGraw-Hill Companies, Inc. and Standard & Poor's Financial Services LLCUS District Court for the Central District of California. Civil. Not published.Stage: Settled on 3 February 2015 together with claims by 19 states and the District of Columbia.
  • 16 July 2013 Motion to dismiss denied by Judge David O. Carter, as reported by the Daily Journal^S7
  • 3 February 2015 Settlement of US$1.375 billion with agreed statement of facts^S1

Revision history

• 25 October 2026 Assessment first published with label Outdated.

Have a record that changes this assessment? See corrections and responses.

Sources

1. S1Tier A Justice Department and State Partners Secure $1.375 Billion Settlement with S&P for Defrauding Investors in the Lead Up to the Financial CrisisUS Department of Justice. Government press release. 3 February 2015.Supports the amount, the split, the agreed facts and the retraction of the retaliation claim. It does not state that S&P admitted a violation of law.Link working, checked 25 October 2026
2. S6Tier C S&P says US government’s lawsuit is ‘retaliation’Associated Press, republished by Arab News. Press report. 4 September 2013.AP report that S&P called the suit retaliation for the 2011 downgrade of the United States. It records the argument, not any ruling on it.Link working, checked 25 October 2026
3. S7Tier C Judge denies Standard & Poor's bid to dismiss $5 billion civil suitDaily Journal. Press report. 19 July 2013.Report by Henry Meier on the denial of the motion to dismiss late on Tuesday 16 July 2013. The reasoning is behind a paywall and the order itself was not read.

Other claims about S&P Global Ratings

• Partly supported83
  A senior Justice Department official said in February 2015 that S&P had admitted facts that make clear its own unlawful role in the financial crisis.
  Regulator statement, 3 February 20154 records citedFraud
• Unresolved63
  S&P said in February 2013 that the Justice Department suit was without factual or legal merit, and it had argued in investor cases that its ratings were opinions protected as free speech.
  Company statement, 6 February 20133 records citedFraud
• Supported93
  The SEC said in September 2024 that S&P Global Ratings agreed to pay a US$20 million penalty for failures to keep electronic communications and admitted the facts in its order.
  Regulator statement, 3 September 20242 records citedDisclosure