CalPERS Told To Cool Its Heels In San Bernardino Bankruptcy
By Beth Winegarner
Law360, New York (December 21, 2012, 8:33 PM ET) -- A California bankruptcy judge ruled Friday that the California Public Employees Retirement System can't immediately collect overdue pension payments from San Bernardino, saying the powerful pension fund must wait for the financially stressed city's bankruptcy proceedings to play out in court.
U.S. Bankruptcy Judge Meredith Jury ruled against CalPERS' motion for relief from the automatic stay in San Bernardino's bankruptcy case, which the pension fund sought in order to force the city to continue payments, according to CalPERS statements. CalPERS is the largest unsecured creditor of...