Bankruptcy
Oct. 7, 2014
Stockton pension ruling is no surprise
Last week, the judge presiding over the city of Stockton's Chapter 9 municipal debt adjustment case announced from the bench that the bankruptcy code trumps state law precluding the impairment of pension obligations. By David Kupetz
Last week, the bankruptcy judge presiding over the city of Stockton's Chapter 9 municipal debt adjustment case announced from the bench that the bankruptcy code trumps state law precluding the impairment of pension obligations. During the course of an Oct. 1 hearing held on Stockton's debt restructuring plan, Judge Christopher Klein stated that the city's contract with the California Public Employees' Retirement System (CalPERS) ma...
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