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Bondholders' Challenge to Stockton Bankruptcy Deal Protecting Employee Pension Obligations Could Lead to U.S. Supreme Court
Financial Times; subscription may be required Link to more items from this source
Oct. 16, 2012
"CalPERS is being challenged by bond insurers of Stockton's debt, who ... filed objections to Stockton's Chapter 9 filing, saying that because the city had not negotiated in good faith with creditors, it was not eligible for bankruptcy.... California may provide the best test run for establishing whether pensions can be impaired ... because the obligations are enshrined in not only in statute, which can be changed by the legislature, but also in the constitution, which is more difficult to change."

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