Calpers sues Moody's, Fitch and S&P after suffering $1B in losses caused by 'wildly...

|By:, SA News Editor

Calpers sues Moody's, Fitch and S&P after suffering $1B in losses caused by 'wildly inaccurate' credit ratings. In 2006, Calpers bought $1.3B of structured investment vehicles which held the rating agencies' highest credit rating, only to see the SIVs collapse in 2007 and 2008.