Judge rules California suit against S&P can proceed

State and federal prosecutors have sued S&P in recent months for allegedly shoddy ratings assigned to securities before the financial crisis

A judge ruled Wednesday that the California attorney general's lawsuit against Standard & Poor's Ratings Services can move forward.

The ruling clears an initial legal hurdle for California Attorney General Kamala Harris and gives additional momentum to state and federal prosecutors who have sued S&P in recent months for allegedly shoddy ratings assigned to securities before the financial crisis.

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