Case Study: In Re Northern Mariana Islands Retirement Fund

Law360, New York (June 26, 2012, 12:26 PM EDT) -- A recent decision of the U.S. District Court for the Northern Mariana Islands in In re Northern Mariana Islands Retirement Fund[1] held that the Northern Mariana Islands Retirement Fund, which is significantly underfunded and expected to go bust in 2014, is not eligible to be a debtor under Chapter 11 of the U.S. Bankruptcy Code.

This case is noteworthy because it is the first case where a bankruptcy court addressed an issue of increasing frequency and importance: the accumulation of significant underfunded defined benefit liabilities by...
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