McGraw Hill Financial Inc.’s Standard & Poor’s 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.
Standard & Poor’s is trying to show it was unfairly singled out in a $5 billion fraud lawsuit 18 months after it downgraded U.S. sovereign debt. Getting the government to provide supporting evidence will prove difficult.
Standard & Poor’s, at the first court hearing over the U.S. government’s claims that the rating service defrauded investors, argued reasonable investors wouldn’t have relied on its “puffery” about credit ratings.
The National Football League may have saved itself from a potentially higher payout -- and a stain on its reputation -- by reaching a $765 million settlement with former players over concussions, according to sports business executives.
Sam Hurd’s arrest on a federal charge of conspiracy to distribute cocaine will cause months of public-relations headaches for the National Football League without driving fans away from the most-watched sport in the U.S., analysts said.