The Federal Court has ruled Standard & Poor’s misled investors when it gave complex and risky products AAA ratings, reports Financial Review.

Now, S&P could be faced with many more lawsuits in the Netherlands, U.S., UK, and New Zealand.

And as a result of the ruling, ratings agencies around the world could end up paying billions to investors who lost money during the credit crisis. The implications may affect Moody’s and Fitch as well.

Read: Moody’s looks at downgrading 6 Canadian banks

S&P is set to appeal the decision. Read more.