CalPERS Credit Rating Suit Remanded To State Court

Law360, New York (November 12, 2009, 12:59 PM EST) -- A federal judge has sent a lawsuit brought by the California Public Employees Retirement System back to state court, saying the suit against three major credit rating agencies should be tried there because the public pension fund is an arm of the state of California.

In an order Tuesday, Judge Susan Illston of the U.S. District Court for the Northern District of California remanded the case against Moody’s Corp., Standard & Poor parent McGraw-Hill Companies Inc. and Fitch Inc. to the California Superior Court in San...
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