Calif. Pension Overhaul Won’t Save Cities From Ch. 9

Law360, San Diego (September 12, 2012, 10:20 PM EDT) -- Reforms signed into law by California Gov. Jerry Brown on Wednesday aimed at reining in tens of billions of dollars in public pension costs won't come soon enough for the state's many struggling cities, which are likely to continue to resort to Chapter 9 or prebankruptcy negotiations in order to obtain relief from skyrocketing pension costs for current employees.

The governor hailed the measure as “sweeping bipartisan pension reform,” but A.B. 340 is focused primarily on making changes for public employees who are hired starting in...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.