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July 9 (Bloomberg) — The California Public Employees’ Retirement System may not deserve special protection when a city goes bankrupt, a federal judge said in a case pitting public pension advocates against Wall Street creditors.

U.S. Bankruptcy Judge Christopher Klein questioned whether Calpers should be considered a creditor with rights over a city’s assets in the $1.18 billion bankruptcy of Stockton, California. Klein’s comments yesterday, which he said he may include in a final ruling as early as October, contradict Calpers’ main claims in Stockton’s reorganization.

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