The Justice Department has filed civil charges against Standard & Poor’s, accusing the rating agency of refusing to warn investors that the housing market was collapsing in 2006 because it would be bad for business.
The department is seeking $5 billion in penalties from S&P. If Justice ultimately got that amount in a trial or a settlement, it would be larger than the amounts paid by companies in any of the department’s previous civil settlements.
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The Justice Department’s 10 biggest civil settlements:
1. GlaxoSmithKline – $3 billion – July 2012
2. Pfizer Inc. – $2.3 billion – September 2009
3. Columbia/HCA I and II – $1.7 billion – December 2000 and June 2003
4. Abbott Laboratories – $1.5 billion – May 2012
5. Eli Lilly and Co. – $1.4 billion – January 2009
6. Merck Sharp & Dohme – $950 million – November 2011
7. Tenet Healthcare Corp. – $923 million – June 2006
8. TAP Pharmaceuticals – $875 million – October 2001
9. GlaxoSmithKline – $750 million – October 2010
10. Serono SA – $704 million – October 2005
