California Courts of Appeal
Apr. 11, 2014
Ratings services ask appellate court to dismiss lawsuit
Moody's Investor Service Inc. and Standard & Poor's Financial Services LLC asked an appellate court to throw out the lawsuit against them because they said they shouldn't be held responsible for failing to predict the future.
Daily Journal Staff Writer
Five years has passed since the state pension fund sued the country's top credit ratings firms for what it claims were "wildly inaccurate" credit ratings that resulted in the fund losing more than $1 billion.
The worst of the financial crisis is over, but the parties are still fighting over whether the lawsuit has enough merit to proceed.
On Wednesday, Moody's Investor Ser...
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