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CalPERS Sues Credit Rating Agencies Over Losses

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Jul 16, 2009 5:07 pm US/Pacific

CalPERS Sues Credit Rating Agencies Over Losses

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SACRAMENTO (AP) ― The California Public Employees' Retirement System, the nation's largest public pension fund, is suing the three Wall Street credit rating agencies for allegedly luring it into bad investments.

CalPERS blames 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.

In total, 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.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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