CalPERS is asking a judge to dismiss its case against Fitch Inc., one of the three credit rating agencies it sued in 2009 for allegedly blessing several structured investment vehicles that led the pension fund to suffer a billion-dollar loss.
Under the terms of a proposed settlement agreement sent to San Francisco Superior Court Judge Richard Kramer, Fitch will pay no money, but has promised to turn over depositions from a federal case investors brought against Morgan Stanley, which owns Moody’s, and S&P over the volatile Cheyne Financie structured investment vehicle. In that case, Abu Dhabi Commercial bank alleged that the bureaus misled its investors with investment-grade ratings of Cheyne.
