Free Republic

McGraw Hill Financial, parent company of ratings agency S&P Financial Services, said Tuesday that it has reached deals it hopes will finally put to bed formal debate about its role in the collapse of the housing market and the subsequent financial crisis. Resolution will cost McGraw Hill $1.5 billion in settlements — $687.5 million to DOJ, $687.5 million to settle state complaints and, separately, $125 million to California Public Employees’ Retirement System. The dispute’s origin stretches back more than a decade to September 2004 when the Federal government claims S&P began “a scheme to defraud investors” that lasted until October...

Gibson Guitar Corp. agreed to settle charges that it illegally purchased and imported ebony wood from Madagascar and rosewood and ebony from India, the Justice Department said today. The company will pay a $300,000 fine under a criminal enforcement agreement that defers prosecution for criminal violations of the Lacey Act. Another $50,000 fine will go to the National Fish and Wildlife Foundation “to be used to promote the conservation, identification and propagation of protected tree species used in the musical instrument industry and the forests where those species are found.” Since May 2008, it has been illegal under the Lacey...

Reaching an Aug. 24 agreement with the federal government, the world's largest search engine company turned over $500 million in revenues from its AdWords online advertising business, which accepted the illegal importation of drugs from Canada. “The Department of Justice will continue to hold accountable companies who in their bid for profits violate federal law and put at risk the health and safety of American consumers,” said Deputy Attorney General James M. Cole, who announced the settlement.