US - Standard & Poor's, Moody's Investors Service and Fitch Ratings must face the California Public Employees Retirement System's lawsuit claiming their faulty risk assessments on structured investment vehicles caused US$1bn in losses.
A state court judge in San Francisco rejected the companies' requests to dismiss Calpers' claims of negligent misrepresentation, Brad Pacheco, a spokesman for Calpers, the largest U.S. pension fund...
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