CalPERS sues over "wildly inaccurate" ratings for SIVs

07/15/2009 | NYTimes.com

The California Public Employees' Retirement System, which lost $1 billion from investments in structured investment vehicles, filed a lawsuit saying the three main credit-rating agencies "made negligent misrepresentation" about the products by giving them AAA ratings. The ratings "proved to be wildly inaccurate and unreasonably high," according to the lawsuit.

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