Illinois Attorney General Lisa Madigan says the federal lawsuit against Standard & Poor's echoes a lawsuit she's already filed.
Madigan is in Washington as officials detail a lawsuit accusing the debt rating agency of civil fraud for giving high ratings to risky mortgage bonds that helped caused the financial crisis. Several attorneys general joined the lawsuit.
Madigan filed a lawsuit against S&P last year and supported other efforts. She says S&P was a trigger for the destruction of the economy.
The government's complaint contends S&P misled investors by stating its ratings were objective. It says S&P's desire to make money and gain market share caused S&P to ignore risks posed by the investments. The alleged fraud made it possible to sell the investments to banks.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Sunday, May 19 2013 11:50 AM EDT2013-05-19 15:50:06 GMT
One number in Saturday night's Powerball drawing was the difference for a dozen Illinois players between being $10,000 richer and living the life of a multi-millionaire - whose ticket was purchased in Florida.
One number in Saturday night's Powerball drawing was the difference for a dozen Illinois players between being $10,000 richer and living the life of a multi-millionaire - whose ticket was purchased in Florida.
Friday, May 17 2013 2:26 PM EDT2013-05-17 18:26:00 GMT
The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
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The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Thursday, May 16 2013 1:51 PM EDT2013-05-16 17:51:56 GMT
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
Monday, May 20 2013 9:42 AM EDT2013-05-20 13:42:49 GMT
Twelve people have been charged with misdemeanor offenses after police responded to groups of teens running through traffic on North Michigan Avenue and elsewhere on the Gold Coast.
Twelve people have been charged with misdemeanor offenses after police responded to groups of teens running through traffic on North Michigan Avenue and elsewhere on the Gold Coast.
Monday, May 20 2013 9:40 AM EDT2013-05-20 13:40:07 GMT
The derailment of an Amtrak City of New Orleans train on the Near South Side Sunday morning led to delays and a couple cancellations for trains on Metra's Rock Island District line.
The derailment of an Amtrak City of New Orleans train on the Near South Side Sunday morning led to delays and a couple cancellations for trains on Metra's Rock Island District line.
Monday, May 20 2013 8:51 AM EDT2013-05-20 12:51:02 GMT
Chicago teachers, parents and students are hitting the streets for a third and final day of citywide marches in protest of Mayor Rahm Emanuel's proposal to close dozens of schools.
Chicago teachers, parents and students are hitting the streets for a third and final day of citywide marches in protest of Mayor Rahm Emanuel's proposal to close dozens of schools.
Monday, May 20 2013 8:38 AM EDT2013-05-20 12:38:56 GMT
Clinton Shepherd, Pier Park Operations Manager, is trying to set a new world record for the longest time riding a Ferris Wheel. He was stationed at Navy Pier Thursday, preparing for this weekend's marathon event.
Clinton Shepherd, Pier Park Operations Manager, is trying to set a new world record for the longest time riding a Ferris Wheel. He was stationed at Navy Pier Thursday, preparing for this weekend's marathon event.
Monday, May 20 2013 8:20 AM EDT2013-05-20 12:20:38 GMT
Five people have been killed and at least 18 others wounded — including a 12-year-old boy left in critical condition — in shootings across the city since Friday night.
Five people have been killed and at least 18 others wounded — including a 12-year-old boy left in critical condition — in shootings across the city since Friday night.
Sunday, May 19 2013 6:44 PM EDT2013-05-19 22:44:15 GMT
Skokie Police Chief Tony Scarpelli said Sunday police still have no suspect in custody in connection with a shooting Friday night near just outside of Westfield's Old Orchard Shopping Center.
Skokie Police Chief Tony Scarpelli said Sunday police still have no suspect in custody in connection with a shooting Friday night near just outside of Westfield's Old Orchard Shopping Center.
