S&P court loss in Australia unlikely to spark rival claims
Dismissal of appeal by rating agency to have implications in Australia and other common law countries but not US
The decision by Australia's federal court to uphold a November 2012 ruling that found rating agency Standard & Poor's liable for losses on triple-A rated structured notes will set a precedent for subsequent cases in Australia and other common law jurisdictions but is unlikely to lead to a flood of similar cases, say lawyers.
On June 6 the full bench of the federal court rejected an appeal by S&P, ABN Amro (now a division of RBS) and Australian firm Local Government Financial Services (LGFS) and
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