San Bernardino Is 3rd Calif. City To Go Bankrupt

Law360, New York (July 11, 2012, 4:51 PM EDT) -- Citing overwhelming pension costs and budget fraud, the city of San Bernardino, Calif., voted Tuesday night to file for Chapter 9 protection, making it the third California city in two weeks to opt for bankruptcy.

With a population of 210,000, San Bernardino will be the second-largest American city ever to file for bankruptcy, after the central California city of Stockton, which has almost 300,000 residents and filed for bankruptcy June 28. The ski resort town of Mammoth Lakes, Calif., also headed into bankruptcy court July 2....
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