The Justice Department suit accusing Standard & Poor's Financial Services L.L.C. of defrauding investors and being a major factor in the 2008 financial crisis may lead to insurance claims.
Nonetheless, S&P may be able claim defense costs and the costs of potential settlement under a general liability policy, said William G. Passannante, shareholder and co-chair of the insurance recovery group at Anderson Kill & Olick P.C. in New York. “A claim like this would be something they would be able to present to their liability insurance companies.”
Read the full story: Justice Department suit against S&P may trigger general liability claims