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Judge orders Calpers to justify bankruptcy claims

Bankruptcy lawyers and public pension advocates have watched Stocktons case to see whether Calpers would be given deference by the court.

By Steven Church | Updated on July 09, 2014

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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