Originally reported this afternoon by WSJ.com (subscription), the suit will reportedly accuse S&P of fraud concerning its A-OK ratings of mortgage bonds that helped lead to financial crisis. Up until last week, the Justice Department had been in settlement talks with the agency, until it learned that the department would seek a settlement in excess of "10 figures." That's at least one billion dollars, to us plebeians.
Prosecutors, according to the people, have uncovered troves emails by S&P, employees, which the government considers damaging. Portions of those emails are likely to be disclosed in the government’s complaint against S&P.
Well, shit-howdy, this actually put me in a good mood on my shameful, workaday bus ride home, even though they'll probably find a way to dump it all back onto the shoulders of the workingman. Or not. (I'm trying to be less cynical these days.)