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Judge in Stockton Bankruptcy Calls CalPERS a “Bully”

The federal judge overseeing Stockton’s bankruptcy, Judge Christopher Klein, this week called CalPERS a “bully” with a “glass jaw”. The comments came as Klein put his Stockton ruling in writing for the first time. More from Reuters: The judge overseeing the city of Stockton’s bankruptcy case in California described the country’s ...
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Moody’s: Stockton Ruling Good News For “Financial Profile” of CalPERS

Moody’s released a report Wednesday outlining the credit agency’s thoughts on CalPERS in the wake of the Stockton ruling. The agency affirmed CalPERS’ rating of Aa2, which is the third-highest rating available. From the report: Favorable outcomes for CalPERS in the Stockton, CA and San Bernardino, CA bankruptcy proceedings lend further support ...
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California Attorney: Bankruptcy “Not a Practical or Desirable” Way To Cut Pensions

Teague Paterson, an attorney from Sacramento specializing in labor law, has penned a column in Monday’s Sacramento Bee in which he explains his position that bankruptcy is “not a practical or desirable” way to cut pension benefits. From the column: Imagine for a moment that you have run into deep financial trouble and have decided to ...
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Judge Approves Stockton Bankruptcy Plan; Pensions To Be Protected

  A bankruptcy judge on Thursday afternoon approved the bankruptcy plan of Stockton, California. As part of the plan, the pensions of city workers will remain intact. Creditors, on the other hand, will not be so lucky. From the LA Times: A federal bankruptcy judge approved the city of Stockton’s bankruptcy recovery plan, allowing the city to continue ...
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CalPERS CEO Addresses Stockton Ruling

Anne Stausboll, CEO of the California Public Employees Retirement System, released a statement addressing a recent court ruling that the bankrupt city of Stockton could cut pensions and stop contributing to CalPERS as part of its bankruptcy proceedings. The statement in full: The ruling last week by a federal bankruptcy judge in Stockton’s bankruptcy ...
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Stockton Can Cut Pensions And Stop Paying CalPERS. But Will It?

In a groundbreaking decision, a judge ruled yesterday that the bankrupt city of Stockton, California could indeed cut worker pensions and halt payments to CalPERS. From the LA Times: A federal bankruptcy judge dealt a serious blow to California’s public employee pension systems by ruling Wednesday that payments for future worker retirements can ...
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“Historic” Ruling Expected in Stockton Bankruptcy Case; Can A Bankrupt California City Cut Pensions?

Can a bankrupt California city legally reduce both its payments to CalPERS and the pension benefits it promised to its workers? Those are the questions that will likely be answered by the end of the day Wednesday in what’s already being called a “historic” ruling. From the Sacramento Bee: After months of buildup, U.S. Bankruptcy Judge Christopher ...
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Could Detroit-Style Cuts Come to California?

Pension benefits, once thought safe, now stand on shakier footing than they ever have. Detroit’s citizens live in a state where pensions are protected by the Constitution, but that didn’t matter when a bankruptcy judge ruled that the city could cut worker pensions as part of its bankruptcy restructuring plan. California workers are now wondering ...
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