Colorado is joining at least a dozen other states in filing a lawsuit against credit rating agency Standard & Poor鈥檚.
John Suthers has filed a lawsuit alleging that Standard & Poor's inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis.
Suthers alleges the credit rating agency put its own financial interests above its self-described objectivity. In a release, he said those actions were a significant factor in the meltdown :
鈥淥ur complaint alleges that in order to protect their dominant market share, S&P executives compromised their objectivity and independence when rating these securities. Yet, S&P continues to assure the public of their complete objectivity and independence. We allege that this activity is in violation of the Colorado Consumer Protection Act.鈥�
The suit, filed Tuesday in Denver District Court suit seeks unspecified civil penalties and damages.
The U.S. government filed a $5 billion civil suit against S&P in federal court, also Tuesday. It claimed the in order to earn business from banks that issued the investments. S&P .
