CalPERS' lawsuit against rating agencies can go forward, judge rules:

05/5/2010 | Wall Street Journal, The

A California judge ruled a lawsuit brought by the California Public Employees' Retirement System against the three major credit rating agencies can continue. Standard & Poor's, Fitch and Moody's Investors Service had asked the judge to dismiss CalPERS' claim of negligent misrepresentation. The lawsuit alleges inaccurate ratings by the agencies caused about $1 billion in losses for CalPERS.

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