Tuesday, February 5, 2013

Lawsuits Filed Against Standard and Poor's

The Obama administration has filed a billion dollar lawsuit against Standard and Poor's, largely blaming the rating agency for playing a critical role in the events leading up to the housing market collapse at the end of 2007. Los Angeles will be the venue for the legal fight. The Justice Department picked the Los Angeles area because of how hard it was hit by the foreclosure crisis. Pacifica's Dan Fritz reports from Los Angeles.