"The biggest U.S. pension fund argued in a court filing that its status as a state agency gave it sweeping powers in the San Bernardino, California bankruptcy case and that the federal jurisdiction that applies in bankruptcy should be overridden by the state's rights.... [CalPERS'] latest legal argument ... [also] contends that bond insurers who are opposing CalPERS in San Bernardino are actually supporting its legal position in another big municipal bankruptcy in Alabama."  MORE >>