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IMF AUS: Meetings in Euro over $1b "S&P" faulty synthetic derivative products.

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IMF holds meetings in Europe over S&P court case


[Published 7 Nov 2012] 

The impact of the Federal Court's historic ruling against ratings agency Standard & Poor's for misleading and deceptive conduct in its issuing of AAA ratings to high-risk financial products is set to become global, according to a report by The Australian.


IMF Australia chief executive John Walker is reportedly planning to hold discussions with investors from Britain, France, Germany and The Netherlands over the weekend about a possible legal case there against S&P.

The European discussions will revolve around more than €800 million ($A980 million) worth of synthetic derivative products. 

“I am going to speak with people in Germany and France and the UK and The Netherlands about their investments in CPDOs to see whether they are interested in joining together in a claim against what is now called RBS and S&P to recover some compensation,” Mr Walker said, according to The Australian

Mr Walker added that according to advice he has received, European laws on misleading and deceptive conduct are similar to those in Australia, laying the groundwork for a similar court case. 

S&P has said it plans to appeal the Federal Court ruling.

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  • doyla66
    doyla66 Wednesday, 07 November 2012

    FEDERAL COURT rules against Standard & Poor's for MISLEADING & DECEPTIVE CONDUCT, in its issuing of AAA ratings to high-risk financial products. SYSTEMIC CORRUPTION has taken over the whole banking & finance industry. We must have a ROYAL COMMISSION to weed out & stop this corruption.

  • doyla66
    doyla66 Wednesday, 07 November 2012

    Agree - Stop the corruption and halt the damage to decent Australians now!


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