Bankruptcy
May 14, 2014
Stockton city employee pension benefits may not be immune
A trial that began Monday could set an important precedent if a bankruptcy judge agrees with a disgruntled financial company that public employee pensions should not be immune from cuts in debt restructuring.
Daily Journal Staff Writer
SACRAMENTO - A trial that began Monday could set an important precedent if a bankruptcy judge agrees with a disgruntled financial company that public employee pensions should not be immune from cuts in debt restructuring.
Stockton filed for Chapter 9 protection in 2012, and has managed to hammer out agreements with all of its creditors - save Franklin Templeton Investments, a company that owns $35 milli...
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