Calpers/rating agencies: apportioning blame

Credit rating firms may finally be forced to eat their own cooking. The $173bn California Public Employees’ Retirement System is suing the top three raters over some $1bn in losses it incurred when three top-rated structured investment vehicles collapsed. Raters have prevailed against similar legal challenges before. But Calpers might now have them over a barrel. The pension fund says Moody’s, Fitch Ratings and Standard & Poor’s should share the blame for losses in part because they helped stru...