Fitch Settles Calpers Suit Over SIV Ratings, Makes No Payout
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Fitch Ratings Ltd. settled negligence claims brought by the California Public Employees’ Retirement System’s over ratings it gave structured investment vehicles that later collapsed, agreeing to provide Calpers with documents from a similar lawsuit pending in New York.
Under the settlement Fitch will make no payment to Calpers, the biggest U.S. pension fund, said Daniel Noonan, a Fitch spokesman. A notice of the settlement was filed Aug. 26, according to state court records in San Francisco.