S&P, Moody’s Must Face Calpers Lawsuit Over Ratings, Judge Rules
The California Public Employees’ Retirement System’s $1 billion lawsuit over Standard & Poor’s and Moody’s Investors Service Inc. ratings of structured investment vehicles will proceed, after a judge denied the rating companies’ anti-SLAPP motion.
Paul Clifford, attorney at the California Anti-SLAPP Project, was quoted in a the article:
It’s not a ruling on the merits of the case,” said Paul Clifford, an attorney at the California Anti-Slapp Project, a Berkeley, California-based law firm that specializes in similar lawsuits. SLAPP stands for “strategic lawsuits against public participation.”
Moody’s and S&P have 60 days to appeal the ruling, and the appeals court would take a fresh look at the evidence without considering whether Kramer erred in his decision, Clifford said in a phone interview. Neither side can present new evidence, he added.
Read the full article here: http://www.businessweek.com/news/2012-01-12/s-p-moody-s-must-face-calpers-lawsuit-over-ratings-judge-rules.html