Largest One-Time Settlement in Maine History Involving Alleged Unfair Credit Rating Practices

Friday, February 6, 2015

The Maine Attorney General announced earlier this week that its $21.5 million share of the multi-state settlement with Standard & Poor's over credit rating practices is the "largest ever one-time settlement in Maine history."  The settlement received substantial press attention nationwide following Attorney General Eric Holder's press conference and in Maine following the Attorney General Janet Mills' February 4 press conference at the Kennebec County Courthouse.

According to the Maine Attorney General's press release, "Attorney General Mills said her office has aggressively litigated and negotiated the case for two years. Initially S&P removed the case from Kennebec County to federal court in Maine. The case was then consolidated with cases in other states and transferred to the United States District Court for the Southern District of New York. The Attorneys General then litigated the case in New York for eight months until the federal court remanded Maine’s lawsuit back to Kennebec County, where S&P then tried unsuccessfully to have the case dismissed on jurisdictional grounds."

Attorney General Mills singled out Assistant Attorney General Linda Conti, head of the Consumer Protection Division, for praise.  AAG Conti "traveled to New York City a number of times and . . . spent hundreds of hours litigating the case in state and federal courts on behalf of the State of Maine."

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