S&P, Moody's Can't Dodge CalPERS Suit

Law360, New York (January 12, 2012, 6:16 PM EST) -- A judge on Wednesday refused to stop a California Public Employees' Retirement System lawsuit claiming Moody's Corp. and Standard & Poor's improperly gave high ratings to structured investment vehicles, leading to as much as $1 billion in losses for the fund.

Faced with the action in California state court accusing them of negligent misrepresentation, Moody's and The McGraw Hill Cos. Inc., S&P's parent, had filed a special motion to strike under California's anti-SLAPP statute, which bars strategic lawsuits against public participation.

Judge Richard A. Kramer said...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.