Let's hope this is a good omen, IMF just won a "misleading and deceptive conduct" case against S&P (Standard & Poors) Wish they were in there batting for us.
IMF Australia wins fight against S&P November 05, 2012 12:05 PM
IMF Australia Limited (ASX:IMF) led action group has won its Federal Court case against ratings agency Standard & Poors (S&P) and two other defendants.
The court found the credit ratings agency was misleading and deceptive in its rating of two structured debt transactions in 2006.
The plaintiff group consisting of 12 municipal councils claimed they lost $15 million of the $16 million they invested in ‘Rembrandt notes’ which the S&P rated as AAA.
IMF says it expects to generate a profit of about $8 million from its investment in the case. It is the largest litigation funder in Australia.
IMF Australia generated a full year net profit of $43 million.
AGS Price at posting:
24.5¢ Sentiment: None Disclosure: Held
