LOS ANGELES – Standard & Poor’s called on a federal court here yesterday to dismiss a $5 billion civil suit brought by the U.S. Justice Department claiming the Wall Street rating agency ignored its own standards rating risky investments sold to, among others, WesCorp FCU and Eastern Financial Florida CU, two of the biggest credit union failures ever.

S&P, referring to last month’s dismissal of similar charges brought by Space Coast CU, the successor to Eastern Financial, called the civil allegations in the Justice Department’s suit a “stretch” that were based on loosely connected charges with little specificity.

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