CalPERS Sues Rating Agencies Over $1B In Losses

By Jacqueline Bell

Law360, New York (July 15, 2009, 12:00 AM ET) -- The California Public Employees Retirement System, the largest state public pension fund in the U.S., has filed a lawsuit against the three major credit rating agencies, claiming that improperly high ratings of structured investment vehicles led to as much as $1 billion in losses for the pension fund.

In a lawsuit filed in the California Superior Court in San Francisco County on July 9, CalPERS alleges that the credit rating agencies — Moody's Investors Service Inc, Standard & Poor's and Fitch Inc. — granted the highest...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles