In a 1,500 page opinion, a judge in Australia has ruled that a lawsuit against the rating agency, S&P, will go to trial. This is the first of its type to survive, with those cases filed in the US usually dismissed on grounds that the ratings are merely the credit rating agency's exercising their First Amendment rights.
As noted in the article:
"The 1,500-page ruling marks the first time a rating agency has stood a
full trial over a structured finance product. The decision will be
closely studied by rival rating agencies and also by investors and
investment banks around the world."
Keep an eye on this one.