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Washington to receive $21M in financial settlement

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olympia

OLYMPIA, Wash. (AP) — The state of Washington will receive more than $21 million as its share of a settlement with Standard & Poor’s Financial Services for its role in the financial crisis eight years ago.

Attorney General Bob Ferguson said Tuesday it’s one of the largest consumer protection recoveries for the state.

The company will pay a total of $1.4 billion to the federal government and 19 states.

Ferguson says S & P inflated the credit ratings of mortgage-backed securities, misleading investors and contributing to the 2007-2008 financial crisis.

 

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