CalPERS May Prevail Despite Bankruptcy Judge's Warning in City of Stockton, California That Failure to Impair Public Pension Obligations May Constitute "Unfair Discrimination" in Plan of Adjustment

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CalPERS is likely to prevail in the City of Stockton, California bankruptcy if the Court accepts its position that the City’s pension obligations to CalPERS are executory contracts that can be assumed by the City in its “business judgment” notwithstanding the Bankruptcy Court’s power to impair public pension obligations in Chapter 9 bankruptcy proceedings.

This case is pending before Chief Judge Christopher M. Klein in the Bankruptcy Court for the Eastern District of California (Case No. 12-32118-C-9)

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Timothy Durken, Jager Smith P.C. | Attorney Advertising

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