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it turned out that, no, this wasn t so safe. the rating firms had been way overoptimistic. reporter: some analysts at the rating agencies knew it. let s hope we re all wealthy and retired by the time this house of cards fallters, e-mail one analyst. based on aaa ratings ohio s pension funds bought 263 of the mortgage securities. when the housing bubble popped, the investment plummeted. s&p and moody s and fitch cut their ratings from supersafe to junk, but it was too late. ohio s pension plan lost $456 million. our investors and retirees were certainly victims of what the rating agencies did here. it s very upsetting for our investors and retirees. many know the systems have been hurt, they worry about getting their checks every day. reporter: ohio is not alone. connecticut and california also lost millions and they along with ohio are suing the rating

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