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Appeal Threatens Stockton Bankruptcy Ruling on Pensions
The Sacramento Bee Link to more items from this source
Nov. 16, 2014
"Franklin Templeton Investments filed a notice of appeal ... challenging the Oct. 30 decision that approved Stockton's reorganization plan. The plan keeps the pensions fully funded but pays Franklin, which loaned the city $36 million during better economic times, just 12 cents on the dollar.... On Oct. 1, U.S. Bankruptcy Judge Christopher Klein ruled that Stockton had the right to slash its payments to CalPERS, a decision that sent shock waves through the pension industry and had public employee unions scrambling. A month later, though, the judge approved the Stockton reorganization plan even though it leaves the city's pensions untouched."

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