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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