CalPERS' suit against rating agencies can go forward, judge rules

A California judge ruled that a lawsuit brought by the California Public Employees' Retirement System against the three major credit rating agencies can continue. Standard & Poor's, Fitch Ratings and Moody's Investors Service had asked the judge to dismiss CalPERS' claim of negligent misrepresentation. The lawsuit alleges that inaccurate ratings by the agencies caused about $1 billion in losses for CalPERS.