CalPERS Sues Rating Agencies Over $1B In Losses

Law360, New York (July 15, 2009, 12:00 AM EDT) -- 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...
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