February 5, 2013
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Joe DeAnda, Information Officer
CalPERS Statement on California Attorney General's Lawsuit Against Standard & Poor's
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today issued the following statement about state and federal lawsuits against Standard & Poor’s for fraudulent investment ratings:
“We welcome the AG’s efforts to hold S&P accountable for their rating methodologies that resulted in significant losses to California's public pension funds and other investors,” said Robert Glazier, CalPERS Deputy Executive Officer. “CalPERS is a victim of S&P's wrongdoing, and a recovery from S&P will benefit the millions of public employees that rely on us for their retirement security. CalPERS is glad to have the federal and state governments on our side in these efforts to hold the ratings agencies accountable."
CalPERS is the largest public pension fund in the U.S. with approximately $250 billion in assets. The retirement system administers retirement benefits for more than 1.6 million current and retired California State, public school, and local public agency employees and their families on behalf of more than 3,000 public employers in the state, and health benefits for 1.3 million enrollees. For more information about CalPERS, visit www.calpers.ca.gov.