(Bloomberg) -- As Chicago awaits the ruling on whether Mayor Rahm Emanuel’s plan to save its retirement funds from insolvency is dead or alive, investors are already marking the fight down as a loss that will strain city coffers and boost pension costs by billions.
Conning, which oversees $11 billion of municipal bonds including Chicago debt, has encouraged investors to reduce their holdings for more than a year, and said the projected negative ruling affirms that view.
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