This is a national Suntimes article.
California’s public pension system, Calpers, said it has reached a $130 million settlement with Moody’s and Moody’s Investors’ Service to resolve a case involving inflated grades of residential mortgage deals that later faltered. The lawsuit stems from losses the pension fund suffered after the collapse of the housing market and defaults on formerly AAA-rated securities that were backed by pools of residential mortgages, Calpers said in a statement.
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