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(AP Photo/Jae C. Hong)

(Bloomberg) — California’s public retirement fund holds so much power over local officials that pension bond investors can’t expect equal treatment when a city goes bankrupt, a judge said in a ruling that she acknowledged seems “unfair.”

U.S. Bankruptcy Judge Meredith Jury on Monday threw out a lawsuit in which investors had claimed their pension bonds must be paid off at the same rate as the California Public Employees’ Retirement System in a municipal bankruptcy. The $304 billion fund is the biggest in the country.

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