Standard & Poor’s Financial Services and its parent company McGraw Hill Financial reached a $1.375 billion settlement today with the Department of Justice, along with 19 states and the District of Columbia, for engaging in a scheme to defraud investors in structured financial products.
S&P will pay $687.5 million to the federal government—the largest penalty ever recovered by a ratings agency. The remaining $687.5 million will be divided among the 19 states and the District of Columbia.
