Aussie court upholds landmark Standard and Poor derivatives case | Bangkok Post: news

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Aussie court upholds landmark Standard and Poor derivatives case

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Standard and Poor's was found liable Friday for investment losses incurred by Australian councils in the lead-up to the global financial crisis, after a court dismissed its appeal against a landmark 2012 ruling. 

Standard and Poor's company headquarters in New York on September 18, 2012

The full bench of the Federal Court of Australia threw out the appeal by the ratings agency, ABN AMRO Bank and Australian firm Local Government Financial Services (LGFS) and upheld the original judgement.

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