CalPERS Looks To Sue San Bernardino Over Missed Payments

Law360, New York (November 28, 2012, 2:44 PM EST) -- The California Public Employees’ Retirement System on Tuesday urged a California bankruptcy judge to let it sue the city of San Bernardino, Calif., after the city adopted a plan to defer payments to the mammoth pension fund in order to alleviate its nearly $46 million deficit.

The CalPERS move comes after the San Bernardino city council on Monday voted to present to a bankruptcy judge its plan, which would hold off on payments to CalPERS and bondholders and would cut spending by $26 million.

The state...
To view the full article, register now.