Do lawsuits filed by the California Public Employees' Retirement System against ratings agencies Moody's and Standard & Poor's mean credit unions can also sue over AAA-rated corporate securities turned junk?
Not likely, according to CUNA's legal staff, who looked into the case and shared their opinion with the Credit Union Times.
CalPERS is suing over three structured investment vehicles that collapsed and resulted in $1 billion in losses. The SIVs invested in CDOs and other investments similar to corporate investments, CUNA spokesman Pat Keefe said.
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