Conduct of the Case in the Court’s Hands: Standard & Poor’s Ordered to Explain Ratings Modelling and Methodology in Multiple Australian Class Actions

    View Authors June 2016

    On 20 May 2016, the Federal Court of Australia published its reasons for judgment in Mitsub Pty Limited v McGraw-Hill Financial Inc [2016] FCA 559 in which it has ordered the Respondents (S&P), by their Chief Executive Officer (CEO), to identify by affidavit the real issues relating to the ratings methodology used in rating various structured financial products known as collateralised debt obligations (CDOs). The credit ratings assigned to those CDOs by S&P are the subject of 8 separate representative proceedings currently before the Federal Court (S&P Proceedings). Amanda Banton is the lead partner, with Lisa Gallate, Of Counsel, for the Applicants in 7 of the 8 S&P Proceedings.