S&P, Moody’s Lose Bid to Block Calpers $800 Million Suit
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Standard & Poor’s and Moody’s Investors Service Inc. lost a bid to overturn a judge’s ruling that they must face a California Public Employees Retirement System lawsuit over ratings on investments that led to $800 million in losses.
An appeals court in San Francisco upheld state court Judge Richard Kramer’s decision in 2012 rejecting the rating companies’ request to dismiss the case under a California law designed to block lawsuits filed to retaliate against opponents and chill public debate.