CalPERS Suit Against Ratings Agencies Still Kicking

By Evan Weinberger

Law360, New York (May 05, 2010, 2:29 PM ET) -- A California judge has denied Moody's Corp., Standard & Poor's Financial Services LLC and Fitch Inc.'s motion to dismiss a lawsuit by the largest U.S. pension fund alleging the agencies gave improperly high ratings to structured investment vehicles, leading to as much as $1 billion in losses for the fund.

Judge Richard Kramer of the Superior Court of California, County of San Francisco on Friday in an oral order turned aside the three agencies' motion to dismiss the California Public Employees' Retirement System's negligent misrepresentation claims....
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