Wed, Jul 15th, 2009
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NEW YORK (Reuters) - Calpers, the biggest U.S. public pension fund, has sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses.
The California Public Employees' Retirement System said in a lawsuit filed last week in California Superior Court in San Francisco that it might lose more than $1 billion from structured investment vehicles, or SIVs, that received top grades from Moody's Investors Service Inc, Standard & Poor's and Fitch Inc.
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CALPERS Suing Moody's, Standard & Poors, and Fitch
The California Retirement and Pension Fund is suing the three major credit agencies, Moody's, S&P, and Fitch for billions in losses related to the AAA ratings given to risky mortgage-backed securities. In my opinion, the ratings agencies were grossly negligent and they should be forced to pay for the damage they caused.(Business & Finance)
natearchibaldyFri, Jul 17th, 20092 Diggs, 0 CommentsCalpers sues rating agencies over losses
By Joseph A. Giannone NEW YORK (Reuters) - Calpers, the biggest U.S. public pension fund, has sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses.(Business & Finance)
pjrobarWed, Jul 15th, 20092 Diggs, 1 Comments
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