Reuters reports that what S&P is aruing in court:
Former U.S. Treasury Secretary Timothy Geithner angrily warned the chairman of Standard & Poor's parent that the rating agency would be held accountable for its 2011 decision to strip the United States of its coveted "triple-A" rating, a new court filing shows.
Harold McGraw, the chairman of McGraw-Hill Financial Inc , made the statement in a declaration filed by S&P on Monday, as it defends against the government's $5 billion fraud lawsuit over its rating practices prior to the 2008 financial crisis. ...
S&P has claimed that the lawsuit was filed in retaliation for the downgrade, and should be dismissed. Its main rating agency rivals, Moody's Investors Service and Fitch Ratings, were not sued.