The parent company of ratings service Standard and Poor’s has reached a $1.38 billion settlement with the U.S. government and several states stemming from the 2008 financial crisis.
McGraw Hill Financial will pay $687.5 million to the U.S. Department of Justice and $687.5 million to 19 states plus the District of Columbia, according to Reuters.
The $1.38 billion total settlement is over the ratings of mortgage-backed securities that went south ahead of the financial crisis.
In the settlement, neither McGraw Hill nor Standard and Poor’s were found to be in violation of law, the company said.
