yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News

2008 West
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
Red Hat
The Opening of Virtualization
User Environment Management – The Third Layer of the Desktop
Cloud Computing for Business Agility
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Return on Assests: Bringing Visibility to your SOA Strategy
Managing Hybrid Endpoint Environments
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
How Can AJAX Improve Homeland Security?
Beyond Widgets: What a RIA Platform Should Offer
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
Top Links You Must Click On

IMF Australia Plaintiffs Win Against Standard & Poor's
S&P Liable for "Misleading and Deceptive" AAA Ratings for the First Time

NEW YORK, Nov. 5, 2012 /PRNewswire/ -- An Australian Court has become the first in the world to find a ratings agency liable for AAA ratings on junk derivatives, paving the way for many new possible claims in the United States and elsewhere.   

(Logo: )

Australia's Federal Court yesterday found against Standard & Poor's (S&P) and investment bank ABN AMRO (now Royal Bank of Scotland) in a claim brought by a handful of local government authorities that lost more than $30 million in complex securities that turned to junk when the housing market crashed.

The claim against S&P and ABN AMRO was backed by Australia's largest litigation funder IMF (Australia), parent company of US-based funder Bentham Capital.

The securities - complex synthetic derivatives known as constant proportion debt obligations, or CPDOs - were arranged by ABN AMRO, rated AAA by S&P and sold to local government authorities by an intermediary firm in 2006.  Billions of dollars worth of similar securities packaged by ABN AMRO were sold to institutional investors in the US and Europe over the same period.

Bentham Capital Chief Investment Officer, Ralph Sutton, said the Australian judgment, coupled with new findings that challenge the ratings agencies' First Amendment defense, could spell trouble in US courts for Moody's and S&P, among others.

"A recent ruling from Judge Shira Scheindlin in federal court here in New York suggests the rating agencies are in serious trouble relying on an 'opinion' defense," Mr. Sutton said.

Last August, United States District Judge Shira Scheindlin denied Moody and S&P's motions for summary judgment in a similar action, holding:

While ratings are not objectively measurable statements of fact, neither are they mere puffery or unsupportable statements of belief akin to the opinion that one type of cuisine is preferable to another…If a rating agency knowingly issues a rating that is either unsupported by reasoned analysis or without a factual foundation it is stating a fact-based opinion that it does not believe to be true. Ratings are actionable if (they) both misstated the opinions or beliefs held by the rating agencies and were false or misleading with respect to the underlying subject matter they address.

In the Australian case, 12 local government authorities alleged that ABN AMRO exercised real and substantial influence over S&P's rating process in order to obtain the desired ratings for the securities, known as Rembrandt Notes (sold as Castle Finance or Chess globally).  Plaintiffs also alleged that S&P negligently and misleadingly granted a AAA rating to the CPDOs when a junk bond rating would have been more appropriate.

In her judgment, Australian Federal Court Justice Jayne Jagot found, in part:

As explained in the reasons for judgment, I am satisfied that:
S&P's rating of AAA of the Rembrandt 2006-2 and 2006-3 CPDO notes was misleading and deceptive and involved the publication of information or statements false in material particulars and otherwise involved negligent misrepresentations to the class of potential investors in Australia, which included LGFS and the councils, because by the AAA rating there was conveyed a representation that in S&P's opinion the capacity of the notes to meet all financial obligations was "extremely strong" and a representation that S&P had reached this opinion based on reasonable grounds and as the result of an exercise of reasonable care when neither was true and S&P also knew not to be true at the time made.

In the US, litigation finance has recently come under attack by the US Chamber of Commerce, the largest lobbying group in America.  The majority of the US Chamber's funding is reported to come from just 16 large US companies.  The Chamber last week proposed regulating the litigation finance industry, but would prefer to eliminate it entirely. 

Litigation finance, however, is a critical mechanism to enable cases to be brought and litigated against large corporations, banks and other powerful institutions, often by small and mid-sized companies and entities. 

The  Australian Federal Court's finding yesterday -- in favor of local municipalities --  that S&P's AAA ratings were "misleading and deceptive" could never have been achieved without litigation funding support from IMF (Australia), Bentham's parent.

Further information:

Ralph Sutton

Chief Investment Officer, Bentham Capital LLC

Ph: 212 488 5331

Cell: 646 644 8366


John Walker

Executive Director, IMF (Australia)

Ph: +61 2 8223 3567

Cell: +61 414 589 531


SOURCE Bentham Capital LLC

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Enterprise Open Source Magazine Latest Stories . . .
Opinions on how best to package and deliver applications are legion and, like many other aspects of the software world, are subject to recurring trend cycles. On the server-side, the current favorite is container delivery: a “full stack” approach in which your application and everythin...
Cloud Foundry open Platform as a Service makes it easy to operate, scale and deploy application for your dedicated cloud environments. It enables developers and operators to be significantly more agile, writing great applications and deliver them in days instead of months. Cloud Foundr...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 17th Cloud Expo, Dave Nielsen, Developer...
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems ...
Application availability is not just the measure of “being up”. Many apps can claim that status. Technically they are running and responding to requests, but at a rate which users would certainly interpret as being down. That’s because excessive load times can (and will be) interpreted...
If you’re running Big Data applications, you’re going to want to look at some kind of distributed processing system. Hadoop is one of the best-known clustering systems, but how are you going to process all your data in a reasonable time frame? MapReduce has become a standard, perhaps ...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)!

Advertise on this site! Contact advertising(at)! 201 802-3021

SYS-CON Featured Whitepapers