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Standard & Poor's seeks to dismiss U.S. ratings fraud suit

| Tuesday, April 23, 2013, 12:01 a.m.

McGraw-Hill Cos.'s Standard & Poor's unit asked a federal judge to dismiss the U.S. Justice Department's allegations that the company's mortgage-backed securities ratings were fraudulent.

S&P said in a filing Monday in Santa Ana, Calif., that Justice overreached in its attempt to target the company. The company issued credit ratings identical to those given by its competitors for the securities that are at issue in the government's complaint, according to the filing.

The government said in its Feb. 4 complaint that S&P intentionally defrauded investors in residential mortgage-backed securities that included those securities for which the company provided credit ratings.

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