Bondholders Sue San Bernardino; Could Derail CalPERS’ DealMani
Two creditors have formally challenged the bankrupt city of San Bernardino’s agreement with California's public pension system (CalPERS) to pay the fund in full when it produces a bankruptcy exit plan. Though CalPERS hasn’t been named in the lawsuit, it’s reviewing the case.
Challenge for CalPERS
San Bernardino issued bonds to raise money to fill a hole in its retirement fund, which is administered by CalPERS. The bankrupt city also makes . . .
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