Calpers lawsuit to test rating agency liability on SIV defaults

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A lawsuit filed by the California Public Employees' Retirement System (Calpers) against rating agencies over "wildly inaccurate" ratings of now-defunct structured investment vehicles (SIVs) has the potential to become a landmark case, litigators have said. On July 9, attorneys for Calpers, the largest public pension fund in the US, filed suit at the Superior Court of California against Moody's Investors Services, the McGraw Hill Companies - parent of Standard & Poor's - and Fitch Ratings