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updated: 2/6/2013 7:48 AM

Madigan commends federal government suing S&P

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Associated Press

Illinois Attorney General Lisa Madigan says the federal lawsuit against Standard & Poor's echoes a lawsuit she's already filed.

Madigan is in Washington as officials detail a lawsuit accusing the debt rating agency of civil fraud for giving high ratings to risky mortgage bonds that helped caused the financial crisis. Several attorneys general joined the lawsuit.

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Madigan filed a lawsuit against S&P last year and supported other efforts. She says S&P was a trigger for the destruction of the economy.

The government's complaint contends S&P misled investors by stating its ratings were objective. It says S&P's desire to make money and gain market share caused S&P to ignore risks posed by the investments. The alleged fraud made it possible to sell the investments to banks.

S&P denies wrongdoing.

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