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The Standard & Poor's building in New York.
The Standard & Poor's building in New York.
(CHARLES PLATIAU/REUTERS)

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S&P’s parent fires back against U.S. lawsuit

The parent company of Standard & Poor’s is calling out flaws it sees in the U.S. government’s claims that it defrauded investors.

Harold McGraw III, chief executive officer of McGraw-Hill Cos Inc., said on a conference call the company plans to “vigorously defend” itself against the U.S. Department of Justice lawsuit over the ratings of mortgage-backed bonds. But he also said it could take up to three years of expensive litigation before the lawsuit spurred by the U.S. housing crisis is resolved.