- Associated Press - Wednesday, February 4, 2015

AUGUSTA, Maine (AP) - Maine’s attorney general says that the state will receive $21.5 million as part of a multi-state settlement with Standard and Poor’s.

Attorney General Janet Mills said Wednesday that it’s the largest one-time settlement in Maine history.

Maine is one of 19 states and the District of Columbia that will benefit from half of the $1.375 billion settlement. The other half is going to the U.S. Department of Justice.

Mills says the money will go toward consumer protection and education efforts.

The original lawsuit alleged that S&P; used unfair and deceptive trade practices in its ratings, helping to fuel the financial crisis of 2008.

Mills says holding the agency accountable tells Wall Street that Maine will not tolerate acts that deceive investors and devastate our economy.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide