"Negligent misrepresentations"

In a lawsuit filed last week, the California Public Employees' Retirement System said that it might lose more than $1 billion from structured investment vehicles, or SIVs, that received top grades from Moody's Investors Service Inc, Standard & Poor's and Fitch Inc. According to the pension fund, the agencies "made negligent misrepresentations" to the pension fund that "proved to be wildly inaccurate and unreasonably high."