Bankruptcy
Jan. 10, 2015
San Bernardino sued over debt payments in bankruptcy
A financial company that holds $50 million worth of San Bernardino's pension obligation bonds and the bond insurer say the city improperly ceased their debt payments while resuming payments to CalPERS.
Daily Journal Staff Writer
In an ironic turn of events, San Bernardino, the bankrupt Southern California city that was nearly sued for stopping its pension payments, is now being sued for resuming them.
Erste Europaische Pfandbrief und Kommunalkreditbank AG, a German-owned financial company that holds $50 million worth of San Bernardino's pension obligation bonds, and New York-based Ambac Assurance Corp., the bond insurer, sa...
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