CalPERS Won the Battle, but Not the War

By: Ivan L. Kallick
– Daily Journal 

Much has been written and much has been said about the Chapter 9 proceeding involving the city of Stockton. In re City of Stockton, California, 12-32118-C-9 (Bankr. E.D. Cal.).

In October 2014, U.S. Bankruptcy Judge Christopher M. Klein verbally announced in open court his decision to confirm the city's Chapter 9 plan of adjustment. What followed, earlier this month, is Klein's 54-page written decision confirming the city's plan. His decision to confirm the city's plan remains in writing as it was verbally announced in his courtroom, but Klein's written opinion should trouble the California Public Employee' Retirement System, aka CalPERS, the nation's largest public employee pension system.

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