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SMALL BUSINESS
CalPERS Sues Credit Rating Agencies
AP
SACRAMENTO, California (July 16) - America's largest public pension fund is suing the three Wall Street credit rating agencies, saying the firms lured the fund into bad investments.
The California Public Employees' Retirement System is blaming Moody's Investors Service, Standard & Poor's and Fitch Ratings for more than $1 billion in investment losses.
In the lawsuit filed last week in San Francisco Superior Court, CalPERS says the agencies gave investments "wildly inaccurate and unreasonably high" grades.
CalPERS has lost roughly $60 billion in the past year. That has forced it to demand higher contributions from the state and local governments.
Standard & Poor's and Fitch say the lawsuit is baseless. A Moody's spokesman couldn't be reached for comment.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-07-16 19:55:48
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Ssbayer4020
11:32AM Jul 17 2009
WALL ST IS NOTHING BUT A BUNCH OF CROOKS AND ARE APPRIVED BY THE GOVERNMENT
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Namsco Inc
9:48PM Jul 16 2009
It's about time !!!
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Fakeconomics100
9:39PM Jul 16 2009
I totally agree with CalPERS------These credit agencies are nothing but agents of banekers' greed. These FICO scores and credit reports are part of the big gimmick played by the banks----
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WRPllmn
9:06PM Jul 16 2009
Right!
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Broncobill1949
8:26PM Jul 16 2009
CalPERS is as greedy as the Wall Street boys they want to sue. If something is to good to be true then it probably isn't that good. Also, didn't these boys get big into commodities futures driving the price of Oil to $140? They got what they deserved. Like everyone in California they don't want to take personal responsibility. Instead blame others.
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