Bondholders Slam CalPERS' Attempt To Sue San Bernardino

Law360, New York (December 11, 2012, 10:36 PM EST) -- A group of bondholders and bond insurers on Monday challenged an effort by California’s largest pension fund to sue the bankrupt city of San Bernardino over missed payments, saying the fund can't enjoy special privileges unavailable to other unsecured creditors.

Ambac Assurance Corp., Wells Fargo NA, MBIA Inc.’s National Public Finance Guarantee Corp. and Erste Europaische Pfandbrief-und Kommunalkreditbank AG accuse the California Public Employees’ Retirement System of trying to skirt bankruptcy law and jump to the front of the creditor line by requesting relief from the...
To view the full article, register now.