Feb. 26 (Bloomberg) — The California Public Employees' Retirement System can challenge the legality of San Bernardino, California's bankruptcy, the U.S. Court of Appeals in San Francisco ruled.
The largest U.S. public employees' pension can try in August to persuade the appeals court to overturn a lower court decision finding that the insolvent desert city was eligible for bankruptcy protection.
Calpers and the city have been in court-ordered mediation since last year, when U.S. Bankruptcy Judge Meredith Jury ruled that San Bernardino was entitled to court protection.
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