Stockton's dodge of pension plan debt may hit Supreme Court
Bond issuers for the bankrupt California city say the state pension fund should be on the hook for money they're owed. The fight could get ugly.
By Andy Stonehouse|October 16, 2012 at 08:54 AM
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Lawyers representing all sides in the ongoing dispute between the now-bankrupt city of Stockton, Calif., its bondholders and the massive California Public Employees Retirement System say that the battle may make its way to the Supreme Court.
And with no existing legal roadmap for this kind of thing, experts say the fight will help explain who will eventually be responsible for what as more and more financially impaired governments work to shed their expensive employee retirement obligations.
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