"In the ruling, ... which affirmed the legal status of Stockton's bankruptcy, Judge Christopher M. Klein said he could see battle lines being drawn between CalPERS ... and the city's other major creditors, including several Wall Street companies that either bought Stockton's bonds or insured them. But he ruled that it was still too early in the case for that battle to be joined. 'There are very complex and difficult questions of law that I can see out there on the horizon,' he said."

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