Standard & Poor’s faces the prospect of further legal action in the Australian courts over the rating of risky structured products after a litigation specialist said it would back a class action lawsuit.
IMF Australia, a Sydney-based company that provides funding for legal claims, said it had agreed to support a claim against S&P over the rating of constant proportion debt obligation notes (CPDOs) that were created and sold by the wholesale banking arm of ABN Amro in 2006.
The action relates to the same securities that a Federal Court judge on Monday described as “grotesquely complicated” in a landmark ruling.
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